The parent organization of The Woolmark Company, The UK’s Everledger has partnered up with Australian Wool Innovation (AWI), to create a supply chain traceability proof of concept. The goal is to facilitate information sharing about wool supply chains and their provenance.
The two companies, along with the Australian wool industry, have started to trace the life cycle of wool products. This will help create new value for wool growers and manufacturers, as well as retailers. Blockchain technology is used to track information throughout the supply chain and provide verifiable origin.
According to AWI, the process supports biosecurity efforts and can meet reporting and compliance requirements. This adds value for both buyers and growers.
John Roberts, AWI’s acting CEO, stated in a statement that “What is clear is that this proof-of concept is that there is demand across value chain and by stakeholders to have the wool industry deliver on traceability. We look forward to continuing on the gains made here.”
“Traceability is now a very desirable …” property.
Seven supply chains were traced from woolgrowers to exporters in the pilot project. This allowed for an understanding of the business process, claims types, and data. This prototype was designed to allow participants to navigate the supply chain opaqueness by providing reliable, blockchain-backed information.
Leanne Kemp, CEO of Everledger said that she loves working with visionary partners. “Traceability was once a luxury, but it’s essential in many supply chains across many materials. Other industries such as batteries and critical minerals are responding quickly to regulations for transparency and accountability such as those that will be implemented by the European Union in 2023 or to address questions about Modern Slavery and greenhouse gas emissions.”
She said, “AWI is setting an example for traditional Australian industries to follow. It demonstrates responsible leadership and a keen vision to see how blockchain and other technologies can create significant economic value and sustainable development.”