Distributed Ledger Technology (DLT) refers to a technological infrastructure and protocol that enables users to simultaneously access, validate, and update records across a network in an immutable (tamper proof) way. A more recognisable application of DLT is blockchain. This is a type of DLT that is often focused on recording transactions through a cryptographic signature. However, DLT can be applied more broadly and goes way beyond cryptocurrency. DLT can be used to immutably record many types of data, such as that necessary to trace timber products across an entire supply chain network all the way to its forest source.
Permissioned DLT enables businesses to build decentralised, cloud-based infrastructure that can limit who can access, input and validate a database in a permanent way across a supply chain network. This enhanced balance between accessibility and immutability makes it ideal for traceability systems that span multiple regions and businesses.
DLT ensures that there’s visibility, auditability and accountability at each stage of the supply chain by providing simple automation and data integrity. This makes it clear who uploaded which documents, at what time and in what state. It works via a decentralised cloud-based platform – meaning it’s not tied to an individual database but can be accessed by everyone with permission across a timber supply chain network.
Each business involved in the supply chain network is issued a private identity.
Those businesses can then upload evidence of their timber’s credentials onto the platform. This includes information about the timber’s origin, certification type, volume flows, legality, species, and transport and export documents and can even include information around carbon footprint and worker conditions data.
Third parties can endorse the evidence provided for the timber in the supply chain. This elevates the trust in the quality of the data stored on the system while also fostering accountability within the ecosystem.
Visibility, accountability and integrity
Opportunity to be a technology pioneer
Easier regulatory compliance
Robust, efficient and cost effective
Frees up stakeholders to focus on value-adding activities
Supports improved public recognition and brand equity
Automation and real time access to data
Standardised data capture across the supply chain network
Greater market access and time saving
We aim to support timber businesses across the supply chain network to develop robust traceability solutions. We hope these technologies not only help businesses remain compliant with regulations, but also help them achieve wider business objectives; freeing up employees from tedious information tracking tasks to focus on more value-add activities such as sustainability, quality or safety initiatives, and sourcing new suppliers.
iov42's Timber Chain DLT solution works with any business size to support all global standards and regulations. Get in touch today to learn how we can support you.
