BASF announced the success of a pilot proof-of-concept blockchain platform in response to one of the most complex supply chains – sustainable palm kernel oil. 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 long-standing 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, Care Chemicals North America. “Through this technology platform, we believe that the consumer will be able to access greater traceability at every 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. “We are delighted to work with industry leader BASF, to provide proof of origin, authenticity and sustainability for these critical supply chains.
Addressing transparency and traceability as a new emerging trend for consumers, BASF will further explore the application of this technology to other ingredients and supply chains.
“Once we receive market acceptance, we will look to expand this to other sourcing areas and supply chains and scale up our region’s palm kernel oil project,” Lu explained.
BASF has taken an important step on its way to sustainable palm. The company has delivered on its commitment to source palm (almond) oils exclusively from RSPO-certified sources by 2020. Traceability to mill level has reached 96% of its global palm oil demand. palm oil in 2021. BASF continues to work consistently on sustainable palm oil. supply chain with its No Deforestation, No Peat and No Exploitation (NDPE) commitment playing a key role. BASF Palm’s progress report and more information on BASF’s commitment can be found here.