New technologies can streamline sustainable forest management for a better forest future. ForesTrust, LLC, is a groundbreaking venture and collaboration between the Endowment, Chainparency, and consortium members. It uses blockchain technology to support a secure and efficient forest product and fiber supply chain.
Through ForesTrust, the forest sector can tell the story of sustainability through real time supply chain data and verifiable carbon accounting. Information on ecological benefits, such as water quality, biodiversity, and stored carbon accounting could be captured to reflect forestry’s environmental benefits. Anonymity is maintained, yet data is instantly available at the discretion of industry members.
In 2023, the Endowment established a ForesTrust Leadership Council of industry leaders from various sectors. The council pilots and demonstrates the ForesTrust value proposition and defines highly replicable use cases for scaling across the broader industry. Piloted use cases encompass chain of custody, proof of origin, carbon removal claims, EU Deforestation Regulation compliance, and greenhouse emissions reductions.
Collaboration with Michigan State University resulted in a comprehensive survey of the wood products sector, exploring existing knowledge, comfort levels, skepticism, and opportunities for block chain technology within supply chains. High-level insights indicate opportunities to catalyze and invest in track-and-trace technology for transparency and carbon accounting. Sector-wide adoption appears feasible, especially if the technology proves user-friendly and offers post-mill gate tracking and information.
ForesTrust creates cost and time savings, provides clarity of the supply chain, improves market and industry transparency, and helps ensure the health of forests while assuring customers of the sustainability of forest products.
