SenSef will become the first solution aimed at digitalizing the petrochemical industry cluster with a focus on specialty chemicals. The platform is currently undergoing pilot operation, with the official launch scheduled for 2020.
SenSef is a blockchain-based tool designed to collect data on the effectiveness of specialty chemical applications. It enables suppliers and customers to conclude and execute smart contracts automatically.
The platform is intended to address the following key challenges in the petrochemical industry:
- The need for manual data collection;
- Low levels of trust between market participants;
- Excessive bureaucracy and duplication of processes;
- Lack of tools for regular monitoring and analysis of chemical reagent application.
The platform will enable contracts where financial settlements are directly linked to performance quality indicators of completed work and delivered products, while also ensuring contract execution control. SenSef’s functionality includes recording and securely storing data on chemical reagent usage, calculating chemical efficiency, and generating work acceptance certificates for counterparties.
The project is planned to be implemented using a private blockchain network based on Ethereum.
The projected annual platform workload is approximately 1 million contracts per year. One of Russia’s leading banks will serve as the technological provider for banking transactions within the digital solution.
Mirrico Group’s investment in this innovative digital solution will exceed RUB 50 million.
Qiwi Blockchain Technologies (QBT) is a company specializing in the development of proprietary digital products, as well as the implementation and adaptation of blockchain technology and related solutions for medium and large enterprises. It is a subsidiary of Qiwi.
Ethereum is a platform for building decentralized online services based on blockchain technology and powered by smart contracts.