BVRio, a Brazilian organization that promotes the use of market mechanisms to facilitate compliance with environmental laws and support the green economy, has announced that it will adopt Regis blockchain technology to build its decentralized registries of timber trading records.
ConsenSys, an Ethereum-focused venture production studio, in April unveiled Regis - a platform that makes it easy to build, deploy, and manage decentralized registries on the Ethereum blockchain. BVRio is Regis’ first client.
“BVRio has a strong presence in the timber trading sector and, since illegal timber trading is a global issue, particularly in Brazil, transparency is mandatory. In order to improve the organization’s process for trading overview, Regis will provide transparent records of the reports that each timber shipment is given”, ConsenSys explained.
Currently, the process involves “rating” of the timber shipments and producers must check their score as it reflects directly on the price at which their timber is sold. When these producers contact the organization seeking clarification regarding changes in their score, BVRio is confronted with a problem as it cannot prove that the records have not been altered.
Regis will create a decentralized registry to keep timbers’ scores, thereby allowing producers to have traceability on their scores. In addition, they would be able to make adjustments on the production or transportation side to check how this impacts their scores. The immutability of blockchain will guarantee that information has not been changed, and BVRio will no longer need to maintain an infrastructure to keep the records or worry about server downtime, since the Ethereum blockchain has no single point of failure.
“Through the public Ethereum blockchain, Regis will allow BVRio to prove the authenticity of its past score reports”, ConsenSys said. “By using Regis, the organization can prove that past reports were not altered. The incorporation of the public ledger will develop the trust that is missing between BVRio and the producers and strengthen their business relationship.”
