The convergence of consumer and industry concerns about the sustainability in the manufacturing and re-use of materials is spurring industries such as textiles, jewelry, and automotive to trace every step in the supply chain.
With consumers increasingly asking for products that are produced ethically and sustainably, it’s a unique opportunity for blockchain firms to respond to this market dynamic.
Blockchain is powering battery industry
sustainability practices
Not only does the high amount of energy required to power Blockchain result in relatively high direct energy costs, but because the energy is largely generated from fossil fuels, this could also result in a large carbon footprint.
One example is the battery industry, where Everledger is one of 42 global organizations that have agreed on guiding principles to ensure sustainable practices. These companies make up what is known as the Global Battery Alliance. Ensuring the sustainability of batteries is key since they are used in the transportation and power industries and makeup 40% of global carbon emissions annually.
This is all part of a transformation to sourcing materials and leaping into the circular economy—an ecosystem that reduces waste and promotes re-use and recycling.
While in the past industries have naturally relied upon natural resources, which are all finite, they now focusing on how to re-use and repurpose parts. Lithium and cobalt in batteries are a prime example.
Ford and Volvo Cars are using blockchain to trace cobalt in their electric vehicle batteries. Data captured on the blockchain will include details like the origin of the cobalt, attributes such as size and weight, the chain of custody, and information ensuring that supply chain participant behavior is consistent with globally recognized supply chain guidelines.
This approach is being applied to other sectors as well, like apparel, wine and spirits, finance, and even advanced manufacturing, which can benefit greatly from increasing levels of transparency for their supply chains.
The interest in blockchain technology is growing accordingly as a consequence of its beneficial features in a wide range of industries from finance, healthcare, utilities, to governmental sectors. Blockchain is an implementation of distributed ledger technology that records all transactions made by users with complete traceability and chronological order.
Blockchain technology and the circular economy (CE) are two emergent concepts that can change the way we live for decades. The arrival of Industry 4.0 is set to transform organizational activities through various technological innovations. Blockchain is such a critical technology.
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