BASF uses Crypto Blockchain technology for traceability of sustainable palm oil

“We are proud to advance our longstanding commitment to responsible sourcing of sustainable palm ingredients by understanding how we can leverage the power of blockchain technology,” said Marcelo Lu, Senior Vice President of Care Chemicals North.

BASF announces the success of a blockchain pilot platform, “proof of concept in response to one of the most complex supply chains, sustainable palm oil”, explains the group. In collaboration with Bext360, a technology company providing hardware and software solutions to BASF and its partners, the platform offers the possibility of putting greater traceability and transparency of ingredients directly into the hands of the end consumer using technology fully digitized and secure crypto blockchain.

“We are proud to advance our longstanding commitment to responsible sourcing of sustainable palm ingredients by understanding how we can leverage the power of blockchain technology,” said Marcelo Lu, Senior Vice President of Care Chemicals North.

“Thanks to this technology platform, we believe that the consumer will be able to access greater traceability at each stage of the palm value chain – directly from the farm to the end consumer. I’m excited that we’re exploring new ways to provide greater transparency and connect consumers to the products they trust and love. “Our digital solution advances BASF’s commitment to responsible sourcing practices while protecting shared interests in quality products for consumers and data-driven land conservation systems,” said Dan Jones, CEO of Bext360.

BASF intends to expand this solution to other supply areas and supply chains and to scale up the region’s palm oil project. BASF has now been sourcing palm oils exclusively from RSPO-certified sources since 2020. Traceability to mill level reached 96% of its global palm oil demand in 2021.

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