It has been reported that part of its blockchain-as-a-service (BaaS) platform ToolChain, VeChain promises that the solution can streamline sustainable practices during the supply chain and manufacturing process and also showcase these practices to third parties like regulators.
However, VeChain said that 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.
VeChain launches a blockchain sustainability solution for companies looking to be more transparent about its green projects https://t.co/jt6pjzfuU5 — Cointelegraph (@Cointelegraph) August 22, 2020
Since it’s on the blockchain, VeChain said that 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.
Thus, VeChain said that 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.