Bunge and Bangkok Produce Merchandising Public Company Limited, a subsidiary of Charoen Pokphand Group (CP Group), signed a Memorandum of Understanding Monday to expand blockchain technology use across agricultural supply chains.
The strategic partnership follows successful testing of a blockchain platform that tracked approximately 375,000 metric tons of soy meal. The companies will now implement this solution for soy and soy meal originated by Bunge in Brazil and supplied to CP Group for food and animal feed production in Thailand and other Southeast Asian countries.
"With the blockchain platform, we are creating a direct and verifiable connection between our food production and end customers, providing comprehensive information on our responsible supply chains," said Julio Garros, Bunge's Co-Chief Operating Officer.
The technology allows comprehensive tracking of agricultural commodities, enhancing transparency and verification capabilities throughout the supply chain.
Thiti Lujintanon, Chief Executive Officer of Bangkok Produce Merchandising, said the partnership "will enhance CP's supply chain and ensure CP stays competitive in a global market."
The collaboration, which began in 2023 with technical, operational, and commercial feasibility studies, will expand in 2025 to include comprehensive trade agreements on upstream operations, procurement processes, and transportation improvements.
Both companies also plan to develop innovative solutions for system integration and collaborate on low-carbon initiatives. These sustainability efforts align with CP Group's ambition to achieve net-zero emissions by 2050 and will leverage Bunge's experience in leading regenerative agriculture initiatives.
The blockchain platform powering the initiative was developed by Bunge in partnership with Justoken, a Bunge Ventures portfolio company specializing in blockchain infrastructure.
