Part of its blockchain-as-a-service platform ToolChain, VeChain confirmed that the new solution can streamline sustainable practices in the manufacturing and supply chain process. It also can showcase these practices to third parties including regulators.
Companies using this solution will have an opportunity to even cut costs. VeChain announced that the tool offers immutable proof of a green supply chain; and it can cover multiple stages of manufacturing. It can also store all information on processing, recycling, reusing, and inspection. That ability can enable brands to trace the original sources of goods and raw materials.
VeChain said that all data would be trustworthy and consistent across the entire supply chain since it is powered by the blockchain. It can even cut costs on reporting for rating services for sustainability; government regulations, and a green brand image and attestation services designed ideally for responsible financing.
VeChain explained research from the World Economic Forum indicated that companies face higher risks as demands increase for transparency on sustainable activities and the direct effect of climate change.
Blockchain has long been referred to as a solution for many supply chain challenges. As it was previously reported, blockchain can be used to track down and mitigate the risks that exist int eh seafood industry. Notably, a Norwegian salmon producer is currently using blockchain to fight fraud.
VeChain’s token VET was recently added as a payment option for the travelers using Travala.com.