MPOC Associates with BloomBloc to Implement Blockchain in Palm’s Oil Industry!
The Malaysian Palm Oil Council (MPOC) has coupled up with BloomBloc to execute blockchain technology to the country’s palm oil industry strengthening its commitment to traceability and accountability.
As per the agreement, the groups have designed a blockchain mobile app, and web interface explicitly made for the palm oil industry, which tracks palm oil throughout its supply chain.
Utilizing a smartphone, each tree and associated information is uploaded into the system. The majorities of checkpoints are held via the smartphone app, automatically producing an end-to-end digital ledger that offers accuracy, credibility, and transparency for stakeholders and end consumers.
Following a prosperous pilot test, the app will now be made accessible for pilot implementation by a user agreement to Malaysian oil palm growers and plantations, palm oil processors, and smallholders.
The app could allow family-owned smallholders to achieve more control over their processes, leading to enhanced production and decreased costs, according to blockchain development company BloomBloc.
“The MPOC’s pioneering venture into blockchain technology demonstrates our commitment to maintaining our industry’s sustainability and enhancing its marketability,” stated MPOC CEO Datuk Dr. Kalyana Sundram.
Sundram continued: “It speaks volumes about our trust in our supply chain. And it is yet another way Malaysia is showing the world that we value our people and our planet. We hope that by creating this platform and demonstrating the benefits of using blockchain technology, we will encourage others who are practicing sustainable agriculture to follow our lead.”
The new app follows on from the implementation of the obligatory MSPO (Malaysian Sustainable Palm Oil) certification standard worldwide. The availability of supply chain certification links the sustainable palm oil from the mill to the ultimate product assuring the value of accreditation right by the value chain to the consumer.
Last year, Nestlé started a new pilot program in association with OpenSC to trace products like milk and palm oil by utilizing blockchain technology. The initial pilot program was used to track milk from producers and farms in New Zealand to Nestlé factories and warehouses in the Middle East.
Most lately, by a study, Juniper Research unveiled that the global food industry could conserve nearly $31 billion in food fraud costs by 2024 if companies employ blockchain technology to control their supply chains.