This article was originally published in the BSR Insight, We Need to Talk about Blockchain — Together. We need to talk about blockchain.
Blockchain offers immense opportunities to achieve business and sustainability goals, but it will take serious collaboration to unleash its full potential. Companies and global organizations are starting to apply blockchain to solve problems. Some companies are creating smart contracts that only execute when sustainability or other conditions are met.
Others are using it to overcome “first mile” traceability challenges, where tracking a commodity in the first instance is difficult in the absence of formal markets or identities. Burgeoning applications create identities and payments for farmers or miners where formal markets are scarce — and applications identify exactly how your tuna got into that can.
There are even opportunities for companies to trace the origins of their electricity back to its source. Burgeoning applications create identities and payments for farmers or miners where formal markets are scarce — and applications identify exactly how your tuna got into that can. These are situations wherein a central authority is an impediment; where blockchain’s decentralized, distributed approach can create trust, transparency and security.
Some or all of these situations likely arise at some point in your supply chain. However, it misses the point of decentralization for companies to apply this technology independently in their own supply chains, particularly when companies’ supply chains overlap. Read more from greenbiz.com…
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