BASF recently announced a successful pilot proof-of-concept blockchain platform as a response to one of the most complex supply chains—sustainable palm kernel oil. Together with Bext360, a technology company offering hardware and software solutions to BASF and its partners, the platform brings the potential to put greater traceability and ingredient transparency directly into the hands of the end consumer using fully digitized and secure crypto blockchain technology.
“We are proud to advance our longstanding commitment to the responsible sourcing of sustainable palm ingredients by understanding how we can leverage the power of blockchain technology,” said Marcelo Lu, senior vice president, Care Chemicals North America. “Using this technology platform, we believe that the consumer will be able to access greater traceability for every step along the palm value chain—directly from the farm through to the end consumer. I am excited that we are 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 the consumer and data-driven land conservation systems,” said Dan Jones, CEO of Bext360. “We are excited to be working with industry leader BASF, to provide proof of origin, authenticity and sustainability for these critical supply chains.”
Addressing transparency and traceability as a new consumer emerging trend, BASF reports that it will further explore applying this technology to other ingredients and supply chains. “Once we receive the acceptance from the market, we will look to extend this into other sourcing areas and supply chains and scale up the palm kernel oil project from our region,” Lu said.