VeChain has recently launched a blockchain-powered solution crafted for sustainability concerns, focused towards organizations considering to digitize their sustainability rituals.
ToolChain, the VeChain’s blockchain-as-a-service platform assures that the solution could streamline sustainable exercises during the manufacturing and supply chain operations and also display these executions to third parties such as regulators.
VeChain expresses that the tool would deliver a promise for a green supply chain and could cover various manufacturing stages. It has the potential to store information related to processing, recycling, inspection and reusability, enabling brands to track the sources of goods and raw materials.
All the data would be persistent and authentic across the supply chain, being on the blockchain. It would also allow cost-saving in terms of savings on reporting for regulations of government. It would provide with a green brand image and documentation assistance ensuring mature financial management.
World Economic Forum reports from research that the companies face more significant risks because of the growing demand for transparency on sustainable practices and from the impacts of climate change as well.
Blockchain has resolved multiple issues regarding the supply chain. For example, earlier, it was announced that blockchain could be applied for the seafood industry to trace and analyze the involved risks. Therefore, it has been an important tool which has excellent future potential to solve many existing problems in various industry.
