The two-year feasibility study will test Distributed Ledger Technology as the leading solution to help importers meet due diligence requirements brought about by new legislation.
We are excited to reveal that we are working with Singapore-based Double Helix Tracking Technologies (DoubleHelix) to create and test a new digital “Due Diligence Management Platform”, co-funded by Innovate UK and Enterprise Singapore. The aim is to help tackle deforestation in the sourcing and supply chains of commodities, including timber, pulp, paper, beef, cocoa, palm oil, leather, rubber and soya.
The new innovative digital platform, using Distributed Ledger Technology (DLT), aims to help organisations importing into the UK to comply with the due diligence requirements set by the UK Environment Act 2021. This ground-breaking environmental legislation aims to establish clear statutory targets for the recovery of the natural world in four priority areas: air quality, biodiversity, water and waste.
What is being developed will specifically target Schedule 17 of the UK Environment Act, relating to the “Use of Forest Risk Commodities in Commercial Activity”. Similar legislation to the UK’s will apply to organisations wanting to import into Europe under the EU Deforestation Regulation (EUDR) and the United States of America under the proposed US FOREST Act.
By combining our pioneering technology – an evolution of blockchain – along with DoubleHelix’s science-based supply chain verification processes, the companies will design, develop and test a digital “Due Diligence Management Platform” (DDMP), creating a shared, secure, and decentralised system that serves all impacted commodities and makes due diligence frictionless. The DDMP will also interact with other data sets and technologies such as geospatial imagery and additional science-based testing methodologies.
Dominic von Trotha Taylor, CEO and Chairman at iov42 said,
“Distributed Ledger Technology (DLT) is one of the most innovative technologies that gives organisations the tools needed to meet due diligence requirements and reach sustainability targets. This, combined with the need to decentralise and secure commercially sensitive data across multiple parties, really puts DLT in the spotlight and we can’t wait to show what we are able to achieve in collaboration with DoubleHelix and with the support of Innovate UK and Enterprise Singapore.”
Darren Thomas, Co-Founder and CEO at DoubleHelix added,
“We have for some years offered a unique combination of on-the-ground expertise, global network, and extensive track-record of innovation in supply chain due diligence. Our engagement with iov42 takes us to a new level, harnessing DLT to deliver a solution that works across multiple forest-risk commodities. We invite those involved in sourcing for, trading in, and supplying these various commodities to join our trials and ensure their industry requirements are met.”
About Double Helix Tracking Technologies: Established in Singapore in 2008, DoubleHelix delivers practical solutions to help companies understand their product’s impact and journey from forest, farm, factory, mill, or plant to the consumer. With in-country experts in Europe, Asia Pacific, Africa, North and South America, DoubleHelix engages with supply chains to collect, analyse, and verify data, assess risk, and implement mitigation measures on behalf of buyers, suppliers and investors. https://www.doublehelixtracking.com/natures-barcode
About Innovate UK: Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. We connect businesses to the partners, customers and investors that can help them turn into commercially successful products and services and business growth. We fund businesses and research collaborations to accelerate innovation and drive business investment into R&D. Our support is available to businesses across all economic sectors, value chains and UK regions. https://www.ukri.org/what-we-offer/
About Enterprise Singapore: Enterprise Singapore is the government agency championing enterprise development. We work with committed companies to build capabilities, innovate and internationalise. We also support the growth of Singapore as a hub for global trading and startups. As the national standards and accreditation body, we continue to build trust in Singapore’s products and services through quality and standards. https://www.enterprisesg.gov.sg/industries/hub/startup/global-innovation-alliance
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