Monday, 29 May 2023

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How blockchains can solve greenwashing and contribute to climate action

How blockchains can solve greenwashing and contribute to climate action

As concerns about climate change and environmental sustainability continue to grow, many organizations are turning to innovative solutions to help address these pressing issues. One such solution is blockchain technology, which has the potential to revolutionize sustainability efforts across a variety of industries. 

On April 25, a World Economic Forum (WEF) whitepaper featured blockchain as a tool to fight climate change. The whitepaper highlighted the benefits of using blockchains in the climate action community. From improving market transparency to democratizing access to climate action, the WEF wrote about various benefits of using blockchain in sustainability efforts.

To further explore blockchain’s potential in sustainability, Cointelegraph reached out to industry executives to get their knowledge on how blockchain can combat greenwashing, how it’s currently being used in environmental efforts, and the long-term benefits it offers to the world of climate action. 

Solving the “greenwashing” problem

Greenwashing, a form of advertising that deceptively make products seem more sustainable than they actually are, has been gaining notoriety throughout the past few years. In one survey, 68% of executives based in the United States admitted that their firms are guilty of greenwashing. 

According to Daniela Barbosa, the executive director of Hyperledger Foundation, the problem lies with verifying if the companies who claim to be “green” are truly adhering to their professed sustainability plans and goals. 

The executive believes that it’s necessary to set up a system that tracks and keeps a record of these things. She highlighted that digital ledger technology (DLT) is the right tool for the job. Barbosa explained:

“With the inherent transparency and immutability of DLT, companies and whole industries can capture and document transactions such as carbon…

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