UK-based start-up iov42 and Singapore-based Double Helix Tracking Technologies have announced they are starting to create and test a new digital Due Diligence Management Platform (DDMP), which aims to tackle deforestation in the sourcing and supply chains of commodities, including timber, pulp, paper, beef, cocoa, palm oil, leather, rubber and soya.
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. iov42 ensures organisations, governments and societies can coordinate in the digital space by enabling trusted, transparent and secure transactions.
Using Distributed Ledger Technology (DLT), it aims to help organisations importing into the UK to comply with the due diligence requirements set by the UK Environment Act 2021, a legislation that establishes statutory targets for the recovery of the natural world in four priority areas: air quality, biodiversity, water and waste.
What is being developed by iov42 and DoubleHelix 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 US under the proposed US Forest Act.
Dominic von Trotha Taylor, CEO and chairman at iov42 said: “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 cannot wait to show what we are able to achieve in collaboration with DoubleHelix and with the support of Innovate UK and Enterprise Singapore.”
By combining iov42’s pioneering technology along with DoubleHelix’s science-based supply chain verification processes, the companies will design, develop and test a digital DDMP, reportedly creating a shared, secure, and decentralised system that serves all impacted commodities and makes due diligence friction-less.
The DDMP will also interact with other data sets and technologies such as geospatial imagery and additional science-based testing methodologies.
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.”
The DDMP is co-funded by Innovate UK and Enterprise Singapore. Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. Enterprise Singapore is a government agency championing enterprise development.