Malaysian Palm Oil industry develops blockchain tech to further improve accountability
Malaysian Palm Oil Council supports BloomBloc to develop an app that follows palm oil from tree to table
Already the global leader in sustainable palm oil production, Malaysia is reinforcing its commitment to accountability and traceability with the pioneering of a blockchain app specifically for the country’s palm oil industry. The program was introduced during the recent World Economic Forum in Davos, Switzerland.
Blockchain is the encrypted storage of digital ‘blocks’ of verified information using a computer network. New blocks are stored linearly and chronologically. The goal is for digital information to be entered and distributed, without the ability to be altered or edited. Once used exclusively in the financial industry, blockchain technology has now been adopted by agriculture, fisheries and other industries.