One of the world’s leading consumer goods companies Unilever has unveiled a $1.13 billion worth blockchain investment to fight climate change with anti-deforestation supply chain initiatives.
From the US advocating the use of blockchain technology for the proper administration of stimulus payouts to Chinese companies betting on it for the revival of the economy post-COVID-19, blockchain is rapidly gaining mainstream attention for resolving some age-old loopholes.
Unilever goes big on blockchain investment
On Monday, the British-based consumer brand pledged its support to the emerging technologies for battling climate change related issues – possibly the biggest threat to humankind today. By deploying upcoming technologies like blockchain, geolocation mapping, and satellite monitoring, Unilever hopes to achieve a target of Net Zero emissions in its supply chain by 2039.
The billion-dollar investment, made collectively by all Unilever brands, will focus on a range of measures that bring about the much-needed improvement in our planet’s health. Through more determined efforts such as protecting forests, preserving resources for future generations, lessening carbon footprint, and sticking up for local farmers and household businesses, Unilever is taking a giant leap toward achieving business success through sustainability.
Achieving sustainability with blockchain
In doing so, its grand-scale blockchain investment will play a significant role. In the announcement, the company spokesperson said that the investment constitutes only a small part of our giant dream.
In the next ten years span, Unilever envisions a supply chain that is based on reforestation rather than deforestation, fights climate change instead of increasing carbon emissions, and believes in wildlife restoration rather than promoting animal-based products.
The blockchain investment and its endorsement for other nascent technologies will help the multinational corporation to achieve sustainability with enhanced supply chain transparency and trackability.
Today’s increasingly environment-conscious consumers will be able to verify the authenticity of a product and its supply chain at the time of purchasing, thus helping it achieve its ambitious goal of protecting and regenerating nature in the long term.
Unilever’s enduring trust in blockchain
Meanwhile, Unilever’s association with blockchain is not new, considering the corporate giant invested in it last year for efficient advert reconciliation that saved enormous costs for the company.
It has also made considerable blockchain investment for streamlining its accounts payable that is usually resource intensive involving multiple manual processes and stakeholders