On June 12, our Chairman and CEO, Mark Pryor, spoke at the European Cocoa Association (ECA) in Paris on how blockchain technology has the potential to modernize and transform physical commodities trading.
“The cocoa blockchain will be transformative for global trade, increasing efficiencies through its secure, trusted, industry-shared, digital ledger,” Mark said.
Mark spoke about the cocoa blockchain as a common digital legend that will soon unite the supply chain. With blockchain technology, documents are cryptographically recorded once and then preserved forever. Cocoa is visibly recorded on the blockchain and controlled by the parties involved and protected from the sight of others.
“For food safety, cocoa blockchain provides provenance and transparency through the immutable recording of transactions, shipments, documents and certifications.”
The ECA is a trade association in Europe that categorizes major companies involved in cocoa bean trade and processing, in warehousing and related logistical activities. Founded in 2000, the Association monitors and reports on developments impacting the cocoa sector at both regulatory and scientific levels. The goal of the ECA is to respond to issues of ongoing globalization, increased regulations and consolidation within the cocoa industry.
“We would also like to thank you for clarifying what could be the Cocoa blockchain – from bean to bar and bar to bean, with the focus on traceability of sustainable cocoa, verification of information, and certification and transactions in an efficient way,” said Catherine Entzminger, ECA Secretary General.
The Association also offers discussions to companies directly or indirectly involved in the cocoa chain from a senior-management level. ECA members represent two-thirds of Europe’s cocoa beans grinding, half of Europe’s industrial chocolate production and 40 percent of the world production of cocoa liquor, butter and powder.
Members of the ECA are directly involved in the cocoa bean trade, processing or production of industrial chocolate. Joining the ECA is a cost-effective way to know regulatory developments that could affect your business before they are even implemented.
To learn more about the ECA, visit www.eurococoa.com.