Consumers are now placing more emphasis on social and environmental impact caused by products. This shift in mindset is clearly evident among the younger consumers. According to a survey by Sustainable Investment Group, 73% of generation Z has shown more willingness in paying a higher price for sustainable products.
The demand for sustainable products has pivoted a need for change in most businesses. Businesses not only need to move into sustainability, they need to be able to provide transparency to consumers, allowing consumers to verify businesses’ claimed green initiatives. While businesses may hesitate to move due to possible incurred cost, a research report from Accenture pointed out that companies which place focus on sustainability achieved 3.7 times higher operating margin and 2.6 times higher shareholder returns than their counterparts.
Blockchain plays an important role in providing sustainability information. Put simply, blockchain provides a verifiable and immutable record of the entire product route map. The companies’ claimed effort on fair labour practices and reducing of environmental impact can therefore be counter-checked and verified. Aside from transparency, blockchain ensures traceability. Transparency and traceability helps monitor any negative strain it may be causing to our natural resources and monitor if labour standards have been upheld across business operations and supply chain. Thanks to blockchain technology, consumers now have adequate information about truly sustainable products, to make better decisions.
AccessReal is a blockchain-based product traceability solution. With a unique product identity attached to each product, all product movements and every transaction within the supply chain is recorded. Stakeholders can trace the origin of the raw material, how the raw material was sourced and handled, ensuring businesses are eco-friendly and inline with fair labour practices. Contact i-Sprint Innovations to learn more about AccessReal Blockchain Solution.