Blockchain would be a useful integration for companies that supports Environmental, Social and Governance (ESG) responsibility initiatives, as claimed by head of Spain-based blockchain startup Finboot.
Specifically, Juan Miguel Perez – founder and current head of Finboot – has reportedly shared his remarks regarding the work of showcasing what ESG initiatives have managed to achievement, believing that quantitative metrics used for progress validation and data authentication are crucial tools, and blockchain has the power to offer these features.
However, the work of incorporating traceability into the existing ESG policies will not be an easy task, claimed the Finboot CEO, since those types of introduction will need to associate with complicated supply chains.
“In the face of this significant challenge, embracing technology is crucial if businesses are to prove they’ve delivered on their initiatives. And which of the many digital technologies available should we look to when it comes to measuring sustainability goals? Blockchain.” Perez further added.
Blockchain, per Perez, can be a viable tool to resolve the transparency and trust problems ESG initiatives are dealing with, as he believed it will be an excellent choice to for keeping track of industrial processes.
“By using blockchain to verify transparency in a way that no other digital technology can, businesses will dramatically improve their sustainability credentials and reporting procedures.”
Repsol – the international energy giant – has been mentioned as an instance of real-life blockchain integration that provides partial digitization of supply chains.