Glossary

Proof of Authority (PoA) is a consensus mechanism used in secure digital ledger networks where transactions and block creation are validated by approved accounts, known as validators.

Immutability refers to the characteristic of data or records that cannot be altered or deleted after being recorded. This principle is a cornerstone in the realm of digital transactions, underpinning the reliability and security of data management systems.

Distributed Ledger Technology (DLT) refers to a decentralised database that is consensually shared and synchronised across multiple sites, institutions, or geographies, making it accessible to multiple participants.

Supply Chain Transparency refers to the extent to which a company discloses information regarding the practices, partners, policies, and origins within its supply chain.

Identities refer to the unique representation of individuals, organisations, devices, or software within a network or system. Digital identities can include a wide range of information, such as usernames, digital certificates, and cryptographic keys, used to authenticate and authorise entities in digital transactions and interactions.

In supply chain management, digital twins can model and monitor supply chain operations, predict outcomes under various scenarios, and optimise performance.

Accountability ensures that companies can verify the integrity of their supply chains, uphold compliance with environmental and social standards, and respond to any discrepancies or issues with honesty and corrective action.

Wood Products refer to a wide variety of goods derived from trees and forests, including lumber, plywood, paper, furniture, and other items made from wood fibres. These products are integral to numerous industries and everyday life, offering benefits such as carbon sequestration, renewable material, and versatility.

The UK Environment Act is landmark legislation designed to address various environmental issues within the United Kingdom, including air and water quality, waste management, and biodiversity restoration.

Timber Traceability refers to the ability to track the origin and movement of timber and timber products through all stages of the supply chain, from the forest to the final consumer. This process involves documenting each step of the journey to ensure the legality and sustainability of the timber sourced.

Sustainability in the context of supply chain management refers to the development and implementation of environmentally responsible and socially equitable business practices throughout the supply chain. It aims at meeting the needs of the present without compromising the ability of future generations to meet their own needs.

Risk Assessment in Supply Chain is the process of identifying, analysing, and managing the potential risks and vulnerabilities within a supply chain that could disrupt operations, impact profitability, or harm the reputation of the business.

Deforestation Legislation encompasses the body of laws enacted by governments to control, limit, or entirely prevent deforestation globally.

Chain of Custody (CoC) refers to the process of documenting and verifying the sequence of custody and control over materials and products within a supply chain.