Technology today is evolving at a rapid pace. Online Reporter interviewed Brian Standen, Global Head of Digital Innovation at GD Services, to shed light on what BASF is doing in this disruptive space.
First, there was generative AI, a type of artificial intelligence technology that uses algorithms and can produce various types of new content, including text, imagery, audio and synthetic data. Then, there was ChatGPT, the most popular form of generative AI that uses natural language processing to create humanlike conversational dialogue. Now, it's time for web3.
To help employees better understand what is taking place at BASF in this dynamic new space, a team of digital experts launched a virtual talk series NextGen: Edge of Digital Possibilities. Brian Standen, shown, sat down with Online Reporter to shed light on the series and discuss some of BASF's latest digital projects.
Briefly describe for our readers the term web3.
Web3 is a new iteration of the World Wide Web built using token-based economics, blockchain technology and decentralized networks. Web3 (read-write-own) follows web1 (read only, such as Google, Yahoo), and web2 (read-write, such as Facebook, Twitter, Instagram, etc.). BASF has its finger on the pulse and is already utilizing this new technology.
What is the purpose of the NextGen series, and what inspired it?
With NextGen, our goal is to bring digital innovation forward, to make it digestible and easy for our colleagues to understand. We accomplish this by bringing people together to educate, inspire and then to act in that space, even if it is still future facing. We created three phases to show ways in which we can start to redefine how business gets done in a digital future:
- Inform – continuously bring a range of brilliant expert webinars to explore various technologies and their relevance to BASF;
- Inspire – hear from a variety of speakers: leading academics, pioneering customers and experts both within and outside of BASF;
- Integrate – in innovative workshop groups, we will make use of our learnings and quickly transform ideas into concrete projects.
What is BASF currently doing in the web3 space and what are some examples?
We have multiple use cases within the Key Digital Capabilities (KDC) program under our Innovation & Scouting Community of Practice in Global Digital Services that utilize web3 technology.
In sustainability, tokens are being used for value chain transparency. For example, the KDC Traceability within the Sustainability KDC Cluster has been working with Operating Divisions such as Care Chemicals and Agriculture to create full end-to-end traceability within the palm kernel oil and sustainable cotton value chains. By issuing tokens for these materials, we are capturing the inherent value of the sustainability attributes – such as the certification, compliance to sustainability standards or even the carbon footprint.
The Themis project based in Europe is being tested across various BASF businesses. This solution enables the instant validation of transaction data in the Supply Chain between supplier and customer on the Themis blockchain. The business rules established between the two parties are recorded in Smart Contracts, with the customer payment being the last step of the transaction. These are automatically and reliably executed on the blockchain with Digital Money provided by our bank partner.
In part, the metaverse and its related technologies are connected to all this. It is where interactions in the next generation of the web are visualized. Here, KDC Mixed Reality has made impressive strides. A business opportunity currently being validated is in the Digital Incubation Unit of BASF’s Coatings division. This team is working on a virtual reality showroom by offering a realistic color experience as part of the important automotive-purchase decision process. This enables the automotive OEM (original equipment manufacturer) to interact with its customers in a more engaging way and can play a crucial role in the future of buying cars.