Victor Ugochukwu · Dec 14, 2020 . 5min read
VeChain to Boost Green Business via Blockchain-Based Sustainability Solution
Blockchain-based business application developer, VeChain has announced its Blockchain-enabled Sustainability Solution.
By Komal Joshi · Aug 24, 2020 . 8min read
Today, customers are shifting their preferences to sustainable products. They are promoting greener and sustainable environment owing to the frequent change in the climate. Blockchain-based business application developer, VeChain has announced its Blockchain-enabled Sustainability Solution. Additionally, it allows businesses to reliably and accurately showcase their sustainable practices to customers, financial regulators, and policymakers.
Blockchain Technology and Sustainable Development
Blockchain technology can bring prominent advantages to companies increasingly confronted by the necessity to track sustainability factors. It helps the companies to manage growing disclosure obligations encompassing sustainability issues. Thus, these incorporate the capability to track, verify, and report aggregate and different data more efficiently and cost-effectively, and with greater transparency.
VeChain’s blockchain-based Sustainability solution aims to help companies integrate a more sustainable approach to their businesses. Thus, it intends to communicate these attributes to stakeholders like regulators, consumers, and investors, reliably and accurately. The new solution is built on VeChain ToolChain, the company’s Blockchain-as-a-Service (BaaS) platform. However, it involves high standardization, light cost and flexible payment in the market, and efficiency of implementation by businesses in every sector.
The VeChain blockchain-based sustainability solution’s approach is to build a value-driven approach for businesses to streamline sustainable practices through the supply chain and manufacturing process. Moreover, the solution also offers customizable tools and Whitelabel services to implement sustainability services for their clients.
VeChain Blockchain-Based Sustainability Solution’s Value Propositions
VeChain pitches the main value propositions of its Blockchain-enabled Sustainability Solution. The Value propositions include Immutable Proof for Green Supply Chain, Transparency and Consistency of Information, Trust and Confidence between Consumers and Brands, and New Business Value by Accessing Professional Services.
The VeChain Blockchain-enabled Sustainability Solution offers effective, sustainable practices. It will enable proven templates for blockchain data processing. Additionally, it covers vital stages, such as recycling, processing, reusing, inspection, and more. The solution guarantees that all data will be immutable, trustworthy, and consistent over various supply chain counterparties. Additionally, the appended transparency by blockchain will assist in re-engineering all sustainable processes. It will take place solely by connecting digital-based services with field projects. Moreover, sustainable initiative data accumulated across supply chains helps companies reduce the cost of public reporting service for government regulation. It will also lower the cost of sustainable rating service for green brand image and attestation service for responsible financing.
Conclusively, collaborating with its strategic partners like PwC, Grant Thornton Cyprus, DNV GL, VeChain strives to bring blockchain technology to every sector. Additionally, market-leaders like Nike, Adidas, H&M & Amazon are placing sustainability at the lead of their global product and marketing strategies. With VeChain’s Blockchain-enabled Sustainability Solution, we wait to see how companies will unfold its advantages.
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