Two non-profit sustainability organizations have launched separate blockchain-powered platforms for streamlining timber supply chain management. In May, the Forest Stewardship Council (FSC) unveiled a beta version of the FSC blockchain based on its Chain of Custody (CoC) supply chain standard. And this week, Preferred by Nature has partnered with Fintech start-up iov42 in the launch of Timber Chain.
The FSC’s mission is to balance the sustainability of the world’s forests but also make them economically viable.
With the Chain of Custody supply chain standard, FSC aims to provide a credible assurance that timber sold with an FSC stamp originates from well-managed forests. Previously the standard operated using a paper-based system for transaction verification. This is highly susceptible to fraudulent manipulation meaning timber might claim to comply with FSC standards but does not.
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