Vetting and Verification
The Yellow Seed platform achieves due diligence and verification through many actors working in a coordinated way. This plays a significant role in building trust and ultimately reduces the time and effort it takes to establish international trading relationships.
The vetting process is multidimensional and includes requirements around ethics, quality, story, traceability and price. Vetting and verification is an integral part of Yellow Seed’s Product and Origin upload and initial interview process, and is backed by multiple referrals, reviews, 3rd party assessments, and posting of any end products.
Due diligence can be a process of facilitation to surface references and information from trusted sources, in addition to third party audits and certifications. For example, if a company says, “No, we’re not cutting down the rainforest,” the next step is to ask, “How do you know?” and “Who says?” Making information accessible and allowing community vetting ultimately helps to reduce costs of verification. At the core of verification is a system that allows anyone to file a complaint. Unlike a certification system, we aim to create a 2-way dialogue providing ways for both farmer and buyer voice.
Verification using Smart Contracts:
Yellow Seed’s reporting functionality — and later its marketplace — is exploring the use of Smart Contracts to transparently capture signed agreements from multiple stakeholders in a supply network as the product moves through the supply chain. Smart Contracts offer peer verification of agreements towards shared goals and agreements that a specific supply network creates together. This technology will increase authentication and verification of information that is flexible and can evolve as the community learns together.
Yellow Seed believes that Smart Contracts will increase trust across a supply network, ultimately reduce the risk for both buyers and farmers, while increasing the overall number of conscious trade transactions.
If curious to learn more, email nancy [at] yellow-seed.org