Blockchain Technology Revolutionizes Soybean Supply Chain Transparency
In a groundbreaking move towards sustainable agriculture, Bunge Global SA has partnered with Bangkok Produce Merchandising Public Co. Ltd. (BKP), a subsidiary of Charoen Pokphand Foods Public Co. Ltd. (CP Foods), to implement a blockchain-based traceability platform. This innovative system has been successfully tested to monitor the shipment of 185,000 tonnes of deforestation-free soybean meal from Brazil to Thailand, marking a significant milestone in supply chain transparency and sustainable sourcing practices.
The blockchain platform enables CP Foods to track soybeans from their farm source through processing and transportation, all the way to final delivery. This initiative not only ensures product origin transparency but also verifies compliance with stringent environmental and social criteria. By July, an additional 180,000 tonnes of soybean meal are expected to be shipped under this system, further expanding the scale of this sustainable sourcing effort.
This collaboration, which began in October 2023, aims to create a sustainable, digitally integrated supply chain for oilseeds and their byproducts sourced by Bunge in Brazil and destined for various Asian countries. The blockchain technology provides an immutable record of the soybeans’ sustainability credentials, significantly enhancing consumer confidence in the products’ eco-friendly origins.
Technologies Used:
- Blockchain: Used to create an unalterable record of the soybean supply chain, ensuring transparency and traceability.
- Satellite Monitoring: Advanced technology employed to detect changes in land use and monitor soybean planting across vast areas.
- Digital Integration Systems: Automated connections between supplier management systems and socio-environmental monitoring tools.
Companies Involved:
- Bunge Global SA: Leading agricultural commodities trader implementing the blockchain-based traceability platform.
- Charoen Pokphand Foods Public Co. Ltd. (CP Foods): Major food producer partnering with Bunge to ensure sustainable soybean sourcing.
- Bangkok Produce Merchandising Public Co. Ltd. (BKP): Subsidiary of CP Foods playing a crucial role in the sustainable soybean shipments.
Sustainability Focus:
- Deforestation-Free Sourcing: The initiative ensures that soybean products come from areas with zero deforestation since 2020, contributing to forest conservation.
- Carbon Footprint Tracking: The platform provides data on the carbon footprint of sold products, promoting transparency in environmental impact.
- Regenerative Agriculture: Insights are provided on whether farms have adopted regenerative agricultural practices, encouraging sustainable farming methods.
- Supply Chain Transparency: Blockchain technology enhances traceability and builds consumer trust in sustainable products.
SDGs Impacted:
- SDG 12 (Responsible Consumption and Production): Promotes sustainable management and efficient use of natural resources in the soybean supply chain.
- SDG 13 (Climate Action): Contributes to combating climate change by supporting deforestation-free agriculture.
- SDG 15 (Life on Land): Helps protect terrestrial ecosystems and halt biodiversity loss through sustainable farming practices.
- SDG 17 (Partnerships for the Goals): Demonstrates effective public-private partnerships to achieve sustainable development goals.
Geographic Focus: Brazil, Thailand
Industry Focus: Agriculture
Source: CoinTrust
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