Sustainability Matters
Blockchain provides a verifiable and immutable record of any transaction so that processes can be easily audited. This makes it a key enabler for enterprises to add trust and visibility into the supply chain to track the provenance and authenticity of products.
In the food ecosystem, blockchain technologies helps build greater trust and sustainability. Blockchain can establish and provide traceability with a tamper-evident audit trail for a more transparent process. The use of blockchain native smart contracts can help reduce the number of intermediaries to lower transaction costs, improve margins (or lower prices) and increase efficiency. The reduction in food fraud and improving consumer confidence are also welcome benefits.
Sustainability makes sound economic sense.
“Companies with a focus on eco-innovation are growing at an annual rate of 15%“
“37% of businesses report a profit from sustainability“
‘‘Around 60% of consumers are more likely to buy products with clearly defined sustainability policies“
Haidrun is a B2B blockchain platform that enables eco-friendly, low energy applications to rapidly record and validate transactions, processes and reporting, making sustainability scalable.
In terms of emerging technology, IoT is changing many parts of the digital transformation landscape, but trust is often the missing component for businesses to fully embrace the technology. How can we be sure that the temperature gauge was working and calibrated? Was it really in the location it said it was and was the limit the actual limit? A simple example, but if we are going to make real-time, automated, and critical decisions or transactions based on IoT data, we need to really trust it. The broader issue is that as the IoT growth accelerates there will simply be too many devices and too much data for human intervention to add the checks and balances, making blockchain the perfect partner.
For more established technology, a recent study by Greyhound Research, found that nearly 50% of all Communications Service Providers globally are actively discussing the use of blockchain or implementing it for select use cases. Blockchain technology is ideally suited to the delivery of high value services such as managing digital rights, however it can help other areas that have a greater impact on sustainability e.g. the tracking of home equipment that often ends up in landfill.
Blockchain in healthcare can also help to identify, track and secure all types of patient-related data. It is also suited to patient tracking and claims processing due to its property of chronological data storage. Medical events are stored in the order they occur and there is no potential for returning to illicitly change the data either by accident or for fraudulent purposes.
In the financial sector, insurance is an industry of risk management, contract execution and third-party payments and its main areas of potential weakness are error and exposure to compromise and fraud. Validated information is the cornerstone and trust is at the core of the credibility and functioning of the digital ecosystem. This is where B2B blockchain enters the frame, providing a platform for the insurance industry to deliver security, trust, transparency and accuracy. Given that market analysts estimate that today anywhere between 5-10% of all insurance claims are fraudulent, there has never been a stronger case to ensure the storage and handling of data is more secure than ever.
For start-ups and corporates alike one of the key issues at the top of boardroom agendas is their Environmental, Social and Corporate Governance (ESG) obligations. At its core is the challenging issue of scalable sustainability and the need to add more trust and transparency into the narrative.
“The imperative to embed trust within ESG reporting processes can only be met if auditability is considered from the outset“
Blockchain is an ideal technology to improve the transparency and consistency of reporting frameworks that will lead to the increase in value and trust of information provided.
Speak with our industry-leading experts today about sustainability in your business
What is blockchain?
Blockchain is a distributed database or ledger technology, which stores and manages data in groups or blocks that are cryptographically signed and linked together to form a chain. Each block contains a record of exactly when it was created, producing a complete timeline record that cannot be corrupted, lost or changed without everyone knowing about it. B2B blockchain has demonstrated multiple proof points for scalable sustainability:
- Immutable and tamper-evident storage of data provides security, provenance, verification and evidentiary audits.
- New network nodes can be simply and economically added to scale the blockchain network and access and identity can be verified
- Key enabler of digital transformation, reducing third parties, simplifying processes and lowering transaction costs
Speak with our industry-leading experts today about sustainability in your business