Chris Georgen, founder of the social impact-focused blockchain company Topl, believes that many consumers are unaware of the consequences of their buying habits.
“Forced labor, deforestation, the destruction of endangered habitats… As responsible citizens of the world, we wouldn’t knowingly support, condone or participate in anything like this,” he tells Magazine.
“Unfortunately, too often, what we buy can lead to this (and sometimes worse). Whether we know it or not, the things we buy profoundly impact the lives of others and the health of our planet.”
Blockchain may not be able to solve these problems directly, but it can play a significant role in supply chain transparency and rewarding ethical behavior.
Mesbah Sabur, founder of Circularise — a blockchain company tackling traceability solutions for a more circular economy — stresses the importance of consumers making greener choices:
“As consumers, we should be more informed about where the products we buy come from, what they are made of, and how they impact people and the planet. Consequently, making choices towards more ethical options and signaling the market a need for change.”
“The rise in global challenges signifies our collective responsibility to reverse the rate of environmental degradation,” says Sabur.
Many believe that tracing the origin of products allows people to better understand the impact of their products and make more informed choices.
“We can trace the coffee beans in our morning latte across continents to see exactly what a local farmer was paid. We can even use blockchain technology to begin to unpack what are known as Scope 3 carbon emissions and better understand the climate impact of the goods we buy,” says Georgen.
The public is increasingly concerned with the values of businesses. How the company treats its customers, its employees and its raw materials make blockchain-based systems a natural fit for ethical consumerism.
There are two ways that consumers could adopt — or, more controversially, be compelled to adhere to — standards of ethical…
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