Blockchain
Description
A blockchain is a decentralized, digital database that records transactions. 1 Each time a new transaction occurs, it is duplicated and added to the ledger of every participant on the blockchain, making any changes transparent. Records are irreversible and so blockchains are immutable.
United Nations Joint Inspection Unit (UN JIU) (2020) 1
Business relevance
Applying verifiable ledger systems, such as blockchain, to track transactions in conservation projects and physical commodities along the value chain is an emerging topic. 1 For example, blockchain technology has been tested in the fishing industry to prevent illegally caught fish entering the food supply chain 2 and has also been used in forest restoration projects to ensure that actions in the landscape are implemented as a result of payments. 3 Blockchain technology is also being explored as a means to establish trust in environmental data sharing between governments and local environmental groups. 4
United Nations Joint Inspection Unit (2020) 1
World Wildlife Fund (2018) 2
International Union for Conservation of Nature (2021) 3
World Wildlife Fund (2020) 4