VeChain launched its blockchain-enabled sustainability solution for companies looking to digitize their sustainable practices.
As part of the ToolChain Blockchain-as-a-Service platform VeChain promises that the solution will be able to streamline sustainable practices throughout the supply chain and manufacturing process, and also to introduce these practices to third parties such as regulators.
VeChain said that The tool provides unchanging evidence of an environmentally friendly supply chain and can cover different stages of manufacturing. It can also store recycling, processing, reuse and inspection information so brands can track the original sources for goods and raw materials.
Since this is the blockchain, According to VeChain, all data in the entire supply chain is reliable and consistent. You can even lower your reporting costs for government regulations, sustainability assessment services, and environmentally friendly branding and responsible finance certification services.
VeChain said a study by the World Economic Forum found companies are at greater risk as the need for transparency in sustainable activities and the direct effects of climate change increase.
Blockchain has long been touted as the solution to many problems in the supply chain. As previously reported, Blockchain can be used to track risks in the fishing industry. A Norwegian salmon producer also uses blockchain to fight fraud.
Recently the VeChain VET token was added as a payment option for travelers using Travala.com.