ForesTrust- A Blockchain Based Supply Chain Solution
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 Endowment, Chainparency, and consortium members.
ForesTrust is a blockchain network 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 utilizes blockchain technology for a secure and streamlined forest product and fiber supply chain.
Responsible forest management is a hallmark of our domestic forests and the products and fiber they produce. The forest sector now has the ability, through blockchain, to tell the story of sustainability through real time supply chain data and verifiable carbon accounting. Movement of wood and fiber through the supply chain, from origin to the consumer, is tracked immutably through blocks, which are hashed to create anonymity, yet can be used as needed for compliance, auditing, certification, requests for information, and administrative management. Information regarding ecological benefits, such as water quality, biodiversity, and stored carbon accounting are captured, reflecting the environmental benefits that forestry contributes. Anonymity is maintained on the chain, yet data is instantly available upon request and at the discretion of individual industry members.
From the tree to the consumer, the supply chain for forest products is often disjointed, cumbersome, and expensive to manage. Certification audits and management can be onerous, time-consuming, and costly. ForesTrust fundamentally changes and streamlines these processes.
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 assuring consumers of the sustainability of forest products
With ForesTrust, the industry can now benefit from:
- Reduced administrative costs
- Timesaving, streamlined administrative processes from digitized contracts to instant financial transactions
- Real time data supporting sustainability and certification auditing
- Increased supply chain transparency from the stand to the consumer
- Carbon accounting capabilities
- Neutral and secure system infrastructure
The power of blockchain technology is fully expressed at scale. An industry wide adoption of supply chain management through ForesTrust would translate into elevating the entire industry, while improving the functions within individual companies.
Want to Know More?
Read the ForesTrust fact sheet for more information.
Learn more and how to collaborate on ForesTrust.
Contact Teal Edelen, Program Officer, U.S. Endowment: email@example.com (301) 466-6943