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

SHANGHAI, Aug. 20, 2020 /PRNewswire/ -- 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 [], Adidas [], H&M [] & Amazon [] are already placing sustainability at the forefront of their global product and marketing strategies. []

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 [] []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 [], showing strong willingness to change their purchasing habits to help reduce negative impact to the environment, []especially among [] []Generation Z []. These customers are also 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 ChainThe 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 InformationThe 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 BrandsThe 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 ServicesSustainable
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: [] []

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