Timber Tracking: Reducing Complexity of Due Diligence by Using Blockchain Technology

6 Pages Posted: 8 Aug 2017

See all articles by Boris Düdder

Boris Düdder

University of Copenhagen - Faculty of Science

Omri Ross

University of Copenhagen

Date Written: August 8, 2017

Abstract

Managing and verifying forest products in a value chain is often reliant on easily manipulated document or digital tracking methods – Chain of Custody Systems. We aim to create a new means of tracking timber by developing a tamper proof digital system based on Blockchain technology. Blockchain will be combined with new digital protocols for physical verification and authentication. Deliverables include online traceability system, and procedures for entering and verifying data inputs. Certification schemes and governments gain increased legitimacy from tamper-proof means to comply with timber trade requirements. Global companies gain from efficient traceability; society at large benefits from increased tax revenues, anti-corruption, and environmental benefits from sustainable forestry. We think this potential collaboration between government and industry can help simplify a variety of current due diligence processes, in this paper we focus on timber tracking.

Keywords: Blockchain, Timer Tracking, Distributed Ledger Technology

Suggested Citation

Düdder, Boris and Ross, Omri, Timber Tracking: Reducing Complexity of Due Diligence by Using Blockchain Technology (August 8, 2017). Available at SSRN: https://ssrn.com/abstract=3015219 or http://dx.doi.org/10.2139/ssrn.3015219

Boris Düdder

University of Copenhagen - Faculty of Science ( email )

Denmark

Omri Ross (Contact Author)

University of Copenhagen ( email )

Nørregade 10
Copenhagen, København DK-1165
Denmark

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