Blockchain traceability improves sustainability of global soy supply chain.

Key Takeaways

• Bunge and CP Foods have jointly tested a new blockchain tracking platform for soybeans.
• This technology not only tracks every step from farm to fork, but also ensures that every delivery is deforestation-free.
• This traceability includes not only logistics aspects, but also detailed environmental data such as carbon emissions and the farm’s adoption of regenerative practices.
• The application of blockchain in agribusiness shows how technological innovation can not only significantly improve business efficiency, but also contribute to ecological goals.

Bunge (NYSE: BG), a global leader in agribusiness, and Bangkok Produce Merchandising Public Company Limited (BKP), part of Charoen Pokphand Foods, have jointly launched a new blockchain-based tracking platform to track sustainable soybean shipments from Brazil to Thailand. I tested it.

The scheme has already resulted in three shipments of soybean meal totaling 185,000 tonnes, all of which comply with strict anti-deforestation regulations, the company said in a statement. These shipments are part of a larger effort to add three vessels to carry 180,000 metric tons by July 2024. This innovative use of blockchain technology allows for comprehensive tracking of soybeans from origin to processing, transportation and delivery.

The system tracks not only the movement of soybeans, but also their impact on the environment. The technology provides insight into the carbon footprint of sales and monitors whether farms are implementing regenerative farming practices.

“The company is committed to ensuring transparency throughout the supply chain by connecting blockchain-based traceability solutions with suppliers, partners and farmers around the world,” said Paisarn Kruawongvanich, CEO of Bangkok Produce Merchandising, highlighting the broader impact of the approach. emphasized.

This move is especially important for CP Foods, which aims to achieve a 100% deforestation-free supply chain by 2025.

Rossano de Angelis Jr., Bunge’s Vice President of Agribusiness for Latin America, highlighted the technological advancements and said, “Adding blockchain technology improves the transparency of end-to-end traceability. “This development reflects our ten-year commitment to increasing consumer trust in our projects and developing robust social and environmental verification systems.”

Since October 2023, Bunge and BKP have been actively working on this blockchain solution, which not only automates connections between management systems, but also increases reliability by ensuring that all data entered is immutable.

Mohit Purbey, Bunge’s Regional Distribution Director for Asia, commented on the basis of this partnership: “Our long-standing relationship with CPAL Foods has been invaluable. Our joint efforts demonstrate how tailored solutions can help us effectively meet our sustainability commitments.”

The monitoring system features state-of-the-art satellite technology that can identify changes in land use and soybean cultivation on each monitored piece of land. In Brazil, Bunge is currently monitoring all of its direct suppliers in areas at risk of deforestation. Currently, more than 97% of Bunge’s domestic soy sourcing is done without deforestation or conversion.

Bunge’s monitoring system currently covers more than 16,000 farms and approximately 20 million hectares in South America, and the company is making significant progress toward its goal of a deforestation-free supply chain by 2025.

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