SAP and Unilever will track the supply of palm oil using the blockchain

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One of the largest manufacturers of food products and household chemicals, the British holding Unilever, has presented a solution based on the GreenToken blockchain.

German enterprise software company SAP said that the GreenToken pilot project will provide users with the ability to get detailed information about the composition of products and supply chains in real time. Typically, in the early stages of the supply chain, palm oil is often blended with identical raw materials that come from both verified and unverified sources. As a result, data on the origin of the oil may be lost.

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Unilever has already successfully tested the concept in Indonesia, putting more than 188,000 tons of product on the blockchain. Using the blockchain platform, Singaporean palm oil company Golden Agri-Resources and other vendors have been able to create tokens with unique product characteristics.

GreenToken co-founder and director Nitin Jain says that GreenToken allows you to track information about raw materials by scanning a barcode or QR code on product packaging. Companies and consumers will be able to find out what percentage of palm oil is added to the product and whether it was obtained from sustainable sources. Anita Neville, Sustainability and Communications Director at Golden Agri-Resources, said that blockchain has played an important role in increasing the transparency of palm oil supply chains. Thanks to the company’s participation in the GreenToken pilot project, together with SAP and Unilever, the company was able to effectively exchange data with all participants in the supply chain.

“Blockchain technology ensures that the goods we supply are produced with respect for people and the planet,” said Dave Ingram, Head of Purchasing at Unilever.

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Unilever started using the power of blockchain a few years ago. In 2020, the company created a $1.13 billion fund to develop projects that use blockchain to combat global warming and deforestation.

Source: Bits

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