When “sustainability” became a marketing tool years ago, everyone jumped on the bandwagon. While it’s great to beat the drum of “sustainability,” it must be tracked and certified to be an effective way to combat GHG emissions and reduce carbon intensity. Otherwise, companies commit to “green washing” their entire brand and no one roots out these false sustainability claims.
DLT Smart Contracts and Documentation
Using distributed ledger technology, or DLT, as an immutable record to track a product’s carbon intensity solves the problem. With the transparent DLT, data of a product and the transactions associated with the product are all tracked. DLT allows Verity Tracking to use smart contracts for documentation. The carbon intensity reduction program of any business can be documented and set up in the DLT for review and comparison. Verity Tracking has developed the DLT tool using blockchain technology, and will incorporate the key metrics for sustainability in the documentation and smart contract for any product. This assurance of “sustainability” has not yet been seen in any industry. By using the blockchain-based technology, the system minimizes fraudulent claims and makes the information trustworthy and irrefutable.
As this sustainability assurance is digitized through blockchain, the goal is to create true value that will be translate to the market. When economics becomes a factor, it can drive sustainability forward. An immutable market of sustainability allows people to invest in sustainability.