Posted 8 months ago | by Ben Armstrong
VeChain to Provide New Tools for Sustainable Businesses
VeChain recently announced its version of a sustainability oriented blockchain that will compete with many existing projects to save the environment – and businesses some cash.
There is no doubt that on the journey to building a profitable business, corporations must cater to the environmentally conscious unless they want to get burnt in the court of public opinion.
VeChain’s “Blockchain-enabled Sustainability Solution” allows businesses to transparently disclose their sustainable practices to consumers, lawmakers and financial regulators.
What VeChain Brings to The Table
Built upon VeChain’s native blockchain, dubbed the Blockchain-as-a-Service or BaaS, it offers easy integration and simple payments, accompanied by low costs.
The release highlighted four core values that businesses could benefit from:
1. Immutable Proof for Green Supply Chain
2. Transparency and Consistency of Information
3. Trust and Confidence between Consumers and Brand
4. New Business Value by Accessing Professional Services
By utilizing blockchain, the data are secure and immutable from changes that could be deemed vicious or fraudulent, creating a level of trust with a business and its customers.
Furthermore, the blockchain provides traceability of the products, from recycling to processing, reusing and inspection.
Through its security, the platform creates high transparency and accurate data keeping. Allow the business to perform an efficient level of supply chain optimization which could result in cost cutting and raise public perceptions.
A Competitive Market
This concept is not relatively new, some other similar projects such as RecycleGo or reciChain also provides a plastic bottle tracing blockchain, providing real data for businesses to enhance supply chain visibility.
RecycleGo is undergoing phase one of its operation and has reported a 15 to 20% cost reduction through supply chain optimization among its participating companies.
The system is also scalable, data collected from its participants could be used as a guide for larger or smaller businesses to replicate and reep the same benefit while promoting sustainability through proper recycling.
As for reciChain, it is currently piloting its blockchain plastic tracing technology using a chemical barcode.
With an abundance of projects in the making and already available, there is no excuse for a business to not go sustainable. Besides, many projects propose a significant reduction in cost, it is both better for the environment and better for their bottom lines.
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