AWI: Blockchain as a solution to trace the wool chain
AWI Blockchain as a solution to trace the wool chain
28.01.2021 The Australian wool industry and its partners may soon be able to trace the lifetime journey of authentic wool products thanks to a new partnership. Non-profit organization Australian Wool Innovation (AWI), Sydney/Australia, the parent organization for The Woolmark Company,
and independent technology company Everledger Ltd., London/UK, have announced their strategic collaboration to capture asset information along the wool supply chain in order to enable provenance and chain of custody verification using blockchain technology. In line with AWI’s push to promote traceability in support of the Australian wool industry, Everledger will build and host an Electronic Chain of Custody Tool (ECCT) on its platform. The aim is to track and validate the exchange of ownership of selected wools as they move up the supply chain from farm, to overseas processing and through to finished products. In this initial stage, ECCT will act as a proof of concept. It will trace the journey of wool from farm to the end consumer, by identifying and capturing the necessary documentation at each stage of the value chain. The ECCT will demonstrate sustainability and compliance best practices and provide more confidence on the authenticity and provenance of the wool product. It means a retailer or end consumer could verify where and when in Australia the original wool was sourced.