PR85207

SHANGHAI, Aug. 21, 2020 /PRNewswire=KYODO JBN/ --

As consumer behaviors shift towards greener and more sustainable products due

to climate change awareness, companies are increasingly looking to integrate a

more sustainable approach to their businesses. Market-leaders such as Nike

(https://c212.net/c/link/?t=0&l=en&o=2891755-1&h=3604138004&u=https%3A%2F%2Fpurpose.nike.com%2Fsustainable-product-approach%23%3A%7E%3Atext%3DSustainability%2520is%2520Everything%2Cof%2520sustainability%2520across%2520the%2520company.&a=Nike ), Adidas (https://c212.net/c/link/?t=0&l=en&o=2891755-1&h=3797668163&u=https%3A%2F%2Fwww.adidas-group.com%2Fen%2Fsustainability%2Fmanaging-sustainability%2Fsustainability-history%2F%23%3A%7E%3Atext%3DHOLISTIC%2520SUSTAINABILITY%2520STRATEGY%2520FOR%25202020%2Cand%2520measurable%2520objectives%2520until%25202020.&a=Adidas ),

H&M (https://c212.net/c/link/?t=0&l=en&o=2891755-1&h=422787200&u=https%3A%2F%2Fwww2.hm.com%2Fen_gb%2Fhm-sustainability%2Flets-change.html&a=H%26M ) & Amazon (https://c212.net/c/link/?t=0&l=en&o=2891755-1&h=1504218430&u=https%3A%2F%2Fsustainability.aboutamazon.com%2F&a=Amazon )

are already placing sustainability at the forefront of their global product

and marketing strategies.

Photo - https://mma.prnewswire.com/media/1231193/VeChain_ToolChain.jpg 

Logo - https://mma.prnewswire.com/media/738233/Vechain_Logo.jpg 

To help companies digitalize and increase efficiency for sustainable business

practices, VeChain, the leading enterprise friendly blockchain platform,

officially launches its Blockchain-enabled Sustainability Solution. The

solution is built on its one-stop data Blockchain-as-a-Service (BaaS) platform

VeChain ToolChain(TM).

BlockChain + Sustainability: Ensuring Trustworthy Long-term Efficiency &

Profitability For Brands

Research by The World Economic Forum (https://c212.net/c/link/?t=0&l=en&o=2891755-1&h=1415959495&u=https%3A%2F%2Fwww.weforum.org%2Fagenda%2F2020%2F01%2Fclimate-change-business-response-risks%2F&a=Research+by+The+World+Economic+Forum )

has shown that the risks for companies will grow due to both the direct

impact of climate change on business operations and supply chains. There have

been corresponding demands for transparency on sustainable activities, with

financial regulators, policymakers proposing mandatory climate risk disclosure

legislation, and litigation against companies failing to disclose climate risk.

In the meantime, the majority of customers are demanding more sustainable

products from brands (https://c212.net/c/link/?t=0&l=en&o=2891755-1&h=462642641&u=https%3A%2F%2Fwww.ibm.com%2Fdownloads%2Fcas%2FEXK4XKX8&a=are+demanding+more+sustainable+products+from+brands ), showing strong

willingness to change their purchasing habits to help reduce negative impact

to the environment, especially among Generation Z (https://c212.net/c/link/?t=0&l=en&o=2891755-1&h=1482975847&u=https%3A%2F%2Fwww.firstinsight.com%2Fwhite-papers-posts%2Fgen-z-shoppers-demand-sustainability&a=Generation+Z ).

These customers are also inclined to buy products that have a clearly

defined sustainability policy (https://c212.net/c/link/?t=0&l=en&o=2891755-1&h=3831942768&u=http%3A%2F%2Fmedia-publications.bcg.com%2Ffrance%2FTrue-Luxury%2520Global%2520Consumer%2520Insight%25202019%2520-%2520Plenary%2520-%2520vMedia.pdf&a=inclined+to+buy+products+that+have+a+clearly+defined+sustainability+policy ).

VeChain's Blockchain-enabled Sustainability Solution centers on building a

value-driven approach for businesses to streamline sustainable practices during

the supply chain and manufacturing process. Blockchain technology allows

businesses to reliably and accurately showcase their sustainable practices not

only to consumers, but financial regulators and policymakers.

Value Propositions of VeChain ToolChain(TM) On Sustainability

The VeChain Blockchain-enabled Sustainability Solution is built on VeChain's

Blockchain-as-a-Service (BaaS) platform VeChain ToolChain(TM). VeChain

ToolChain(TM) is characterized by its high standardization, light cost and

flexible payment in the market, and is easily implemented by businesses in

every sector.

Most importantly, VeChain ToolChain(TM) also offers customizable tools and

whitelabel services, where companies can implement their Sustainability Service

for their own clients. The main value propositions of VeChain ToolChain(TM) in

the sustainable sector includes:

  -- Immutable Proof for Green Supply Chain

     The VeChain Blockchain-enabled Sustainability Solution provides

     enterprises effective sustainable practices with proven templates for

     blockchain data processing that cover key stages such as recycling,

     processing, reusing, inspection and more. Brands and retailers will be

     able to better trace the original source of their goods across the globe,

     ensuring that their products have been sourced lawfully, responsibly, and

     environmentally.

  -- Transparency and Consistency of Information

     The solution ensures that all data will be trustworthy, immutable, and

     consistent across different counterparties in the supply chain. This

     reduces friction generated from discrepant or lost information, and

     enhances open collaborations in an efficient and cost-effective way.

  -- Trust and Confidence between Consumers and Brands

     The added transparency by blockchain could help re-engineer all

     sustainable processes entirely by combining digital based services with

     field activities. Brands can demonstrate sustainable initiatives to the

     public or reporting to the regulators, and therefore, enhancing trust and

     brand image.

  -- New Business Value by Accessing Professional Services

     Sustainable initiative data collected across supply chains or daily

     operations by VeChain ToolChain(TM) can help companies to lower the cost

     of public reporting service for government regulation, sustainable rating

     service for green brand image, and attestation service for responsible

     financing (green bonds, government financial subsidies, equity investors).

     Companies will also gain access to world leading third-party services

     through the VeChain global partner network, including DNV GL, PwC,

     Deloitte, Grant Thornton, and more, greatly reducing the cost of

     certification, audit, insurance or supply chain financial services.

As the world's leading enterprise-friendly blockchain platform, VeChain shares

the vision with enterprises to a future of green business, and has accumulated

know-how and refined technology in proven cases in numerous business sectors.

Joining hands with its strategic partners such as PwC and DNV GL, VeChain aims

to bring blockchain technology to businesses in every sector.

About VeChain

As a leading enterprise friendly blockchain company, VeChain began in 2015 and

aims to connect blockchain technology to the real world by providing

enterprises with blockchain solutions suitable for their business needs. With

VeChain ToolChain(TM), a one-stop data BaaS platform, VeChain will continue to

help enterprise clients in digitalization transformation, and eventually

realize the long-term vision of enabling the real economy.

VeChain is the pioneer of real-world business applications, with international

operations in Singapore, Luxembourg, Tokyo, Shanghai, Beijing, Paris, America,

Italy and San Francisco. With the professional compliance guidance of our

strategic partners, PwC and DNV GL, VeChain has established partnerships with

many leading enterprises in various industries, including Walmart China, Bayer

China, BMW, BYD Auto, H&M, Shanghai Gas, LVMH, D.I.G etc. For more information,

visit: www.vechain.com

SOURCE: VeChain

CONTACT: For news inquiries, please contact press@vechain.com; For more

information or business inquiries, please contact: bd@vechain.com