The giant market of consumer goods company Unilever will take part in the trial tests of the system tracking food across the supply chain on the basis of the blockchain.
A pilot project aimed at quantifying the rational use of resources in agriculture and reward farmers as appropriate.
Within the planned pilot project will be tested system for sharing data based on blockchain technology, intended to connect a variety of partners, including 10 000 Malawian tea farmers and companies that buy their crop, namely, an international conglomerate in the sale of consumer goods, Unilever and British supermarket chain Sainsbury’s. A trial version that will be used for about a year, has attracted funding in excess of 600, 000 £ 340 000 of which was provided by the Foundation’s business partnership Department for international development, UK.
The project includes collecting information about the products of farmers, including quality, unit price, and the parameters concerning the rational use of resources in the practice of growing crops. These data are recorded in the blockchain, the system will display them to all parties who have access to the platform, including employees of banks involved. Through agreements with companies for the sale of commodities in the pilot project, financial institutions will be able to reward the farmers, methods of work which will be recognized as sustainable. You will be rewarded with increased access to credit or better terms of borrowing money. Thus will be stimulated environmentally safe methods of work.
The trial version is intended to study the feasibility of the system both in technological and commercial terms. Reportedly, the success of the project depends on the ability to provide relevant data to the banks involved in the sustainability activities that are not available from existing channels. The catering company supply chains on the basis of the blockchain Provenance provided much of the technological basis of the project, and Halotrade, the firm’s data processing functions of the supply chain provided additional software developed for the analysis of the collected information, banking partners of the pilot project. Among other participants of the platform registration of land use rights Landmapp-profit organization Focafet Foundation, focused on the provision of public solutions to several problems.
Through the Banking environment initiative of the University of Cambridge Institute for sustainable leadership convened a working group that should finally develop a pilot project launched at the summit of One Planet Summit, convened by the President of France Emmanuel Makron with the participation of the Prince of Wales. Among banking partners, Barclays, BNP Paribas and Standard Chartered.
Director of the Center for trade Finance the Bank BNP Margaret Burghardt, speaking about the project, said: “Blockchain technology has a great potential to show the banks the real social and environmental consequences that entails an inefficient system of supply”.