Public Funding for Iov42 Ip Limited

**Due Diligence Management Platform** DoubleHelix & iov42 will collaborate to create a novel digital platform to enable UK companies to comply with Due Diligence requirements of the UK Environment Act 2021, and specifically Section 17 of the Act relating to the "Use of Forest Risk Commodities in Commercial Activity". Similar legislation will apply to European companies under the proposed EU Deforestation Regulation (see [https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/698925/EPRS\_BRI(2022)698925\_EN.pdf][0]), and American companies under the proposed US Forest Act. Globally it is estimated that the agri-commodities sector subject to existing or upcoming regulation is worth $250bn annually. The new regulation will completely change the way organisations conduct due diligence and risk management. Whilst it has been very well received from the UK Government (and there has been a similar response to the equivalent EU legislation), it creates additional steps and costs for impacted organisations. Together, we will design, develop, test (and build plans to launch) a digital "Due Diligence Management Platform" solution which meets the requirements of the Environment Act Schedule 17, including: * A system for **identifying and obtaining information** about forest-risk commodities (due diligence) * **Assessing the risk** that local laws were not complied with in relation to those commodities * **Mitigating that risk** (through additional verification measures) The innovative nature of Distributed Ledger Technology and verification processes is entirely unique. It will be commercially game changing for organisations having to comply with incoming regulation, as well as for those providing risk assessment tools. We believe DLT is critical given the need to decentralise and secure commercially sensitive data across multiple parties, and to scale to the potential volumes of data that we expect organisations will need to handle to comply with regulatory requirements. The initiative will be highly collaborative whereby: **DoubleHelix** brings an understanding of the UK regulation, due diligence requirements and associated market opportunities and; expertise and network in relevant commodity supply chains in S. E. Asia. of which many supplier companies are headquartered in Singapore. **iov42** will provide the technical know-how and software development, building upon their technology's pre-existing traceability/due diligence functionality; associated experience of complex project management in the public, private and third sector. [0]: https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/698925/EPRS_BRI(2022)698925_EN.pdf