VeChain, an enterprise-focused blockchain platform, has announced the launch of its new blockchain-enabled sustainability solution. The solution is aimed at empowering companies looking to digitize their sustainable practices.
According to a recent press release, VeChain’s new solution is built on its data Blockchain-as-a-Service (BaaS) platform, ToolChain. VeChain said, this new tool can streamline sustainable practices during the supply chain and manufacturing process and also showcase these practices to third parties like regulators and policy makers.
The company claims its new solution also provides immutable proof of a green supply chain which can cover different levels of manufacturing. It also stores information on recycling, processing, reusing and inspection. This allows businesses to track original sources of goods across the globe, ensuring that their products have been sourced legally, responsibly and environmentally.
The new solution ensures that all data will be trustworthy, immutable and consistent across different counterparties in the supply chain through the use of the blockchain. This prevents problems emanating from information lost, and enhances collaborations in an efficient and cost-effective manner.
VeChain’s ToolChain is characterized by its high standardization, low cost and flexible payment in the market. It is easily implemented by businesses in every industry. The ToolChain also offers customizable tools and whitelabel services where businesses can implement their Sustainable Service for their own customers.
Sustainable Initiative data collected across supply chains by the ToolChain can help businesses to lower the cost of public reporting service for government regulation and attestation service for responsible financing such as green bonds and equity investors, among others.
VeChain has several global partners including DNV GL, PwC, Deloitte, Grant Thornton, and many others. Businesses that will be using VeChain’s new solution will also gain access to world leading third-party services through these partners and greatly reduce the cost of certification, audit, insurance or supply chain financial services.