Companies using the solution may even cut costs.
VeChain launched its blockchain-enabled sustainability solution aimed towards companies looking to digitize their sustainable practices.
Part of its blockchain-as-a-service platform ToolChain, VeChain promises the solution can streamline sustainable practices during the supply chain and manufacturing process and also showcase these practices to third parties like regulators.
VeChain said the tool provides immutable proof of a green supply chain and can cover different stages of manufacturing. It can also store information on recycling, processing, reusing and inspection, allowing brands to trace original sources of goods and raw materials.
Since it’s on the blockchain, VeChain said all data would be trustworthy and consistent across the supply chain. It can even cut costs on reporting for government regulations, rating services for sustainability and a green brand image and attestation services for responsible financing.
VeChain said research from the World Economic Forum showed companies face higher risks as demands grow for transparency on sustainable activities as well as the direct impact of climate change.
Blockchain has long touted as a solution for many supply chain issues. As previously reported, blockchain can be used to track risks in the seafood industry. A Norwegian salmon producer is also using blockchain to fight fraud.
Recently, VeChain’s token VET was added as a payment option for travelers using Travala.com.