Solvay announced it has partnered with BanQu, reportedly the first-ever, patented and largest end-to-end, non-crypto blockchain Supply Chain Sustainability platform. Through this partnership, Solvay will launch a transactional platform based on blockchain to ensure the full traceability and transparency of its guar supply chain. The company notes that guar seeds provide eco-friendly hair care solutions for today’s shampoos, conditioners and repair treatments.
It sets the standard for how chemical companies should lead with a profit-with-purpose mindset."
The blockchain platform also will boost equality and revenues for local farmers, and reduce face-to-face interactions during the COVID-19 pandemic. Solvay is reportedly the first chemical company to introduce BanQu and its blockchain platform in India.
Since October 2021, Solvay’s guar transactions have been recorded on the platform with the help of its local partner, TechnoServe. As noted, this has ensured full transparency for 2,000 farmers on the prices and volumes of guar, and will enable direct payments in the near future. In addition, the platform will allow the recording of all Sustainable Guar Initiative program actions, such as training on sustainable farming practices, school attendance for children and programs dedicated to the empowerment of women farmers.
“We are very proud to launch this blockchain platform as it will ensure that no farmer is disenfranchised from the supply chain," said Solvay’s Chief Procurement Officer Lynn De Proft. “This is a crucial step in our commitment to enabling a more sustainable supply chain and an important part of our Solvay One Planet initiative.”
“This partnership with Solvay is incredible because it sets the standard for how chemical companies should lead with a profit-with-purpose mindset,” said Ashish Gadnis, co-founder of BanQu.
Mike Radossich, president of Solvay Novecare, added, "I’m thrilled that Solvay has taken another meaningful step forward in advancing the Sustainable Guar Initiative. Not only does our partnership with BanQu provide certainty to our customers when making sustainable sourcing claims, it further empowers farmers, including a large percentage of women, by offering the tools and knowledge needed to successfully compete in the guar economy.”