OpenSC, a blockchain startup that aims to help supply chains avoid illegal, environmentally harmful or unethical products, received $4 million in seed funding.
World Wide Fund for Nature Australia and BCG Digital Ventures, Boston Consulting Group's corporate venture, investment and incubation arm, co-founded OpenSC.
OpenSC uses its blockchain technology platform to promote transparency around commodities that are known to have significant environmental or human rights risks with their supply chains, such as timber, palm oil and seafood.
"OpenSC gives companies and consumers a new level of visibility into supply chains," WWF-Australia CEO Dermot O'Gorman said in a news release. "Enabled by data and insights, companies will be able to make responsible sourcing decisions that support producers who respect human rights and use environmentally sound practices. And consumers will be empowered with trustworthy, tamper-proof information about the individual products they are buying."