Ukraine Will Take a Part in a New Blockchain Project

Ukraine joined the pilot project of the international organization Forest Stewardship Council, which uses blockchain to track the movement of timber in international markets.

According to Viktor Smal, Deputy Chairman of the State Agency for Forest Resources for Digitalization, the implementation of the new system was carried out at the request of global manufacturers who want to receive raw materials only from trusted suppliers and sources.

As Viktor Smal added, information about wood, its origin and movement will be entered into a decentralized international database, the security of which is ensured by blockchain technology.

State-owned enterprises subordinate to the Forest Resources Agency of Ukraine in the Transcarpathian region will be the first to start using the new system, thanks to which it will be possible not only to track the further movement of timber from the country of origin but also to bring Ukrainian timber into compliance with international requirements.

In addition to Ukraine, China has also begun to use the new system. And its further implementation and use in other countries will depend on the results of the pilot project.

In September, the Ukrainian government adopted a law “On virtual assets”, which approves the legal status of digital assets in the country. In addition, some government institutes are even considering starting salary payments in cryptocurrency.

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