ForesTrust – Blockchain vs. Illegal Logging
ForesTrust – Pioneering Transparency in the Forest Supply Chain
Advancing forest product supply chain sustainability and transparency utilizing cutting-edge blockchain technology.
What is ForesTrust?
ForesTrust, LLC is a groundbreaking venture and collaboration between the U.S. Endowment for Forestry and Communities (Endowment), IBM, and consortium members.
ForesTrust is a permissioned blockchain network record-keeping digital technology that registers transactions in an unchangeable digital ledger. These transactions are recorded in the ledger as a chain of data blocks via a consensus protocol that ensures each transaction’s veracity and data integrity.
ForesTrust has utilized blockchain technology for a secure and streamlined forest product and fiber supply chain.
From the tree to the consumer, the supply chain for forest products is often disjointed, cumbersome, and expensive to manage. Certification audits and management, while effective, can be onerous, time-consuming, and costly.
As an immutable digital ledger, ForesTrust creates proof of provenance. This streamlined supply chain allows its users to capture each stage, certification, auditing, and other critical elements such as carbon tracking.
Its value is realized in cost and time savings, transparency, and veracity at every point of the supply chain – helping to ensure the health and sustainability of forests, improving industry and market transparency, and helping companies boost ESG scores. ForesTrust can fundamentally change how compliance and traceability of forest products across supply chains are verified using secure technology.
The industry can now benefit from:
- Reduced administrative costs
- Timesaving, streamlined administrative processes
- Greater ESG accountability and higher scores
- Increased supply chain transparency
- Added ability for carbon tracking
- Neutral and secure system infrastructure
Without a secure system, we will continue to see the infiltration from the global trade of illegally sourced wood and wood fiber. This has far-reaching and devastating impacts, including:
- Deforestation of ecologically sensitive and protected areas
- Wildlife habitat destruction
- Negative water quality impacts
- Downward market pressure on legally sourced wood
- Human rights violations
According to the American Forest & Paper Association, the downward market pressure that this timber trafficking creates in the U.S. is responsible for depressing world timber prices up to 16% depending on the project. This causes U.S. firms losses of at least $460 million each year. At the same time, industry and consumers are increasingly interested in supporting sustainable and equitable sourcing and products in the U.S. and global markets.
Want to Know More?
Learn how you can be a part of the ForesTrust Blockchain Network.
Contact Alicia Cramer, SVP, U.S. Endowment: email@example.com (205)792-8650