Blockchain application in supply chain chemical substance reporting.

Cryptocurrencies have gained prominence in recent years due to: (1) potential large increase in values; (2) transferability between different users, and (3) security and; (4) traceability of data enabled by blockchain methods. Blockchains utilize an underlying digital ledger system which enables data to be encrypted, recorded and traced in a more efficient manner than traditional paper and electronic based systems. Chemical regulations impose the need on industry to record the use of hazardous chemicals, which can vary from: (1) simple reporting, through to; (2) permits to continue the use substances, until alternative substances are identified; or even (3) substances become restricted for use, within specific use cases, or restricted from use outright. The importance of obtaining supply chain chemical substance reporting cannot be understated, without accurate supply chain data, and concise internal product definitions, the process of identifying chemical substances: (1) where used; (2) if they appear on the finished part, or; (3) only used in the process of manufacture, or (4) used in maintenance and repair of parts. The process of collating supply chain chemical substance reporting is lengthy process as data needs to be requested, collated, checked, verified and rolled up to assess potential business continuity risks, as well as varying levels of reporting activity back to employees, consumers and chemical regulators.