iov42, Preferred by Nature, and Carl Ronnow sign MOU to bring transparency and accountability to timber market

We are happy to announce the signing of a Memorandum of Understanding (MOU) between iov42, Preferred by Nature (PBN, formerly NEPCon), a globally-recognized certification company, and Carl Ronnow, an international timber supplier from Malaysia.

This MOU represents a shared mission between the three organisations to combat the international illegal timber trade, which is worth an estimated $50B – $150B USD annually.

By leveraging their respective expertise and networks, we will work together to develop a blockchain-based, end-to-end supply chain solution that is informed, monitored, and appropriately amended by leading certification companies and industry experts.

This innovative solution will combine the cutting-edge, smart functionality of iov42’s distributed ledger technology operating platform,  industry-leading guidance from PBN’s pioneering standards, and invaluable insight from progressive market player Carl Ronnow to deliver a new level of timber compliance.

The Proof of Concept (PoC) will focus on the import of tropical timber into the European Union (EU) market. The aim is to realize unparalleled levels of transparency, auditability, and accountability in timber supply chains in order to comply with the EU Timber Regulation, which prohibits the placement of illegally harvested timber and products derived from illegal timber on the EU market.

Discussions to incorporate additional regional markets will take place following the PoC’s successful implementation.

We are enthusiastic about the potential of the PoC to secure timber supply chains, empower timber regulators and market operators, enhance the value of legally sourced timber, and build trust with an increasingly conscientious customer base.

The MOU partners and their relevant expertise

Preferred by Nature

PBN is an international non-profit organisation present across Europe, Russia, Asia, Australia, Africa, North America, Central and South America. With over 25 years of experience in the sector and clients such as IKEA and Starbucks, PBN serves to foster sustainable land use and responsible trade in forest products.

Carl Ronnow

Carl Ronnow is a global timber exporter specializing in the supply of tropical hardwoods to the Middle East, South Africa, Asia and Europe. Carl Ronnow is recognised as one of the largest exporters of verified & PEFC certified timber products from Malaysia. They have operations in multiple locations across Asia and Africa.

iov42

iov42 is a pioneering, enterprise-grade blockchain operating platform that provides a suite of smart features that can be easily modified and combined to create bespoke technical solutions. For this PoC,  iov42’s identity-centric platform clearly identifies every actor, provides a transparent audit trail of actions, and, in combination with nanotechnology, tracks wood along its entire lifecycle.