BVRio together with ConsenSys have recently formed a partnership to use Regis, an application running on top of Ethereum as a secure ledger.
Regis was developed by ConsenSys, the venture production studio focused on Ethereum Dapps, and BVRio, the Brazilian organization promoting green markets, is the first client using decentralized online registry system built on top of Ethereum. BVRio is also promoting the use of market mechanism to facilitate compliance with environmental laws.
According to The Merkle, Ethereum is a cryptocurrency and Blockchain platform supporting Smart Contract applications and Distributed programs.
BVRio represents 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, as reported by The Merkle.
Thus, the shipments of timber are rated based on very large number of variables. These variables include the source of the timber, the way it was produced, and even how it was delivered. At the end, the score is very important on the timber’s market valuation and the process must be as transparent as possible.
Timber producers are often contacting BVRio because the score given to the timber shipment faces discrepancies with the Brazilian organization and their own numbers. Thus, producers are often unsure of why the score for a given shipment changed and doubt that the score wasn’t altered internally.