VeChain Introduces New Blockchain-enabled Sustainability Solution To Power "Green Business" For Enterprises
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.
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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
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