The Endowment will utilize Chainparency’s blockchain technology solutions for the ForesTrust blockchain network
HOUSTON, TX | GREENSVILLE, SC — The U.S. Endowment for Forestry and Communities (the Endowment) and Chainparency announced live during the U.S. Specialty Papers Conference 2022 in Milwaukee, WI, a new collaboration focused on the further development and implementation of the Endowment’s ForesTrust blockchain network. The Endowment and Chainparency, along with other key stakeholders, plan to utilize Chainparency’s blockchain technologies to power the ForesTrust blockchain network and bring greater trust, transparency, and accountability within forestry product value chains.
Chainparency will work with the Endowment, environment consultancy Eco-Intelligence, and other key stakeholders and early adopters, including ForesTrust founding member Domtar Corporation, to further develop, pilot, and ultimately roll out the next iteration of the blockchain network. The Endowment selected Chainparency as a technology partner, given its innovative turnkey and modular blockchain technology applications and tools, as well as Chainparency’s considerable experiences in agriculture, forestry, and bioenergy supply chains. Chainparency’s technology stack provides a dynamic, flexible, and cost-effective platform for not only scaling the ForesTrust blockchain network but also empowering all stakeholders within forestry supply chains to participate in end-to-end digital traceability.
“ForesTrust represents the future of how forest products supply chains can be managed. The network will elevate the entire industry, not only by streamlining and digitizing transactions and auditing but by displaying the sustainability of forest products through real-time data,” says Pete Madden, CEO of the Endowment.
The use of blockchain technology is expected to achieve a variety of benefits for the forestry industry ranging from increased operational efficiencies, granular track and traceability capabilities in forestry supply chains, and improved forestry certification processes to the real-time collection of high-fidelity data, which is essential for validating ESG and sustainability claims, carbon tracking and accounting, countering illegal timber trafficking, and ensuring the provenance of products in forestry supply chains. The Endowment originally researched and successfully conducted a Proof of Concept for using blockchain technology in forestry supply chains in 2019. This work ultimately led to the early piloting and eventual launch of the ForesTrust blockchain network in 2021.
Chainparency develops and maintains a robust suite of digital technology-based SaaS applications and offerings, ensuring provenance and accountability in supply chains. Chainparency’s GoTrace application is the first true turnkey SaaS blockchain traceability solution that empowers organizations, regardless of size or budget, to quickly and cost-effectively deploy a blockchain traceability solution. The system is hardware and software agnostic and has the ability to be integrated with any data collection, labeling/tagging, ID, and legacy system. For most supply chains, a smartphone and access to a printer are all that’s needed to deploy GoTrace’s blockchain track and traceability solution. Given Chainparency’s highly scalable, affordable, and environmentally friendly blockchain, the company is currently focused on supporting a broad range of environmentally-conscious customers ranging from harvesters, NGOs, and multinational companies to governments.
“The use of blockchain technology presents numerous opportunities for the forestry industry and forest-based economies. Real-time collected data recorded on a secure blockchain ledger makes it easy to not only share, trace, and audit transactions but also ensure accountability in supply chains. Moreover, digitizing data and assets is expected to provide new economic opportunities and incentives for all stakeholders. The Endowment and other visionary leaders and early adopters like Domtar are the catalysts needed to drive change and make all of this possible.” says Henry Ines, Chainparency CEO
Initially, Chainparency and the Endowment will focus on track and tracing the paper and pulp products of select ForesTrust members to prove provenance, account for carbon, and validate sustainability claims. Retail customers will eventually be able to verify the provenance and learn about other details of finished paper products via a simple QR code scan. Chainparency and the Endowment also anticipate exploring and collaborating on additional forestry-related initiatives which can benefit from the use of blockchain technology.
About the U.S. Endowment for Forestry & Communities
The U.S. Endowment for Forestry and Communities is a not-for-profit public charity working collaboratively with partners in the public and private sectors to advance systemic, transformative, and sustainable change for the health and vitality of the nation’s working forests and forest-reliant communities. To learn more about the Endowment, please visit our website at www.usendowment.org.
Chainparency is a global technology solutions company focused on the issues of trust and authenticity. The company develops turnkey and modular applications and digital risk management tools to help companies and organizations to validate claims and ensure transparent and accountable global supply chains. Industry agnostic, Chainparency is especially well-suited for helping its customers to validate product and provenance claims, advancing sustainability and certifications processes, driving operational efficiencies, and modernizing and digitally transforming global supply chains. Chainparency currently offers a full suite of digital applications ranging from its flagship GoTrace traceability application, blockchain-as-a-service integrations, asset tokenization, and digital ownership to the company’s QR code-based aftermarket product discovery solution. For more information, please visit www.chainparency.com.