Everledger, AWI collaborate to use blockchain for wool chain operations

Everledger, AWI collaborate to use blockchain for wool chain operations

Adding to the escalating growth curve of blockchain industry, a digital transparency company- Everledger has recently announced establishing a strategic partnership with Australian Wool Innovation, in an attempt to capture asset information alongside wool supply chain to enable attribution and chain of custody verification via the use of blockchain technology.

It has been speculated that in line with AWI’s impetus to promote transparency with the help of the Australian wool industry, Everledger would develop and host an ECCT (Electronic Chain of Custody Tool) on its transparency platform.

The aim for creation of this tool would be to track and authenticate the exchange of selected wools ownership as they move up the supply chain from farm, to overseas processing and through final products.

As per official sources, ECCT is likely to act as a proof of concept, which is anticipated to trace the journey of wool from farm to the end consumer, by detecting and capturing the necessary documentation at almost each stage of the value chain.

Moreover, the ECCT would also demonstrate compliance and sustainability best practices and offer more confidence on the provenance and authenticity of the finalized wool product.

Speaking on the ECCT initiative, AWI COO, John Roberts, quoted that the company’s potential partnership with Everledger would support AWI to ease the flow of information up and down the supply chain to almost all parties, while also helping in communicating wool’s benefits to a wider audience, wherein a proof of concept will enable a more prudent use of growers funds, eventually building a better market place for all the wool producers, growers and consumers.

On the other hand, Everledger CEO- Leanne Kemp, cited that AWI’s values of transparency and fair social and environmental impact in fashion are ideals that the firm looks to support immensely.

He added that the team is elated to manage and design a solution that would help AWI to deliver a more transparent supply chain and use of blockchain, in line with other technologies. This could generate significant economic value to an expansive range of sectors in Australia, and contribute to an estimated annual business value of USD 175 billion by 2025.

Source Credit: https://www.miragenews.com/everledger-and-australian-wool-innovation-to-use-blockchain-as-a-solution-to-trace-wool-chain-of-custody-from-farm-to-consumer/