BLOCKCHAIN TECH HELPING MAKE SUPPLY CHAINS GREENER
BLOCKCHAIN TECH HELPING MAKE SUPPLY CHAINS GREENER
But under the new Corporate Sustainability Reporting Directive ( CSRD ), as many as 50,000 EU companies will be obliged to disclose transactions across their value chains and , unlike the previous system , the data will have to be digitised .
Fashion is falling into line on sustainability On the increase in sustainability regulations , Gibson says : “ Fashion is an industry known for its lack of regulation and limited supply chain transparency , but now it is following a wider global trend on sustainability and accountability .
“ With the development of the CSRD , there are signs of a broader shift in the legislative landscape , implying that industry stakeholders will need to address sustainability issues sooner rather than later if they are behind the curve .”
Gibson points out that another problem for fashion retailers has been a lack of bestpractice frameworks and initiatives to use when developing their sustainability strategy .
As well as regulatory and legislative tools to enforce supply chain sustainability , Blockchain tech is also playing its part .
UK Blockchain startup iov42 was among those who helped shape the first phase of the EU ' s blockchain capability , and its tech is also helping to combat illegal logging .
Dominic von Trotha Taylor , who is CEO of iov42 , says : “ We help organisations by codifying their processes on our platform , whether that ’ s a timber supply chain or a bank ’ s mortgage applications .
“ We then provide proof that their rules are being followed by everyone involved . We were chosen by the European Commission to help design and develop the first phase of European blockchain capability improvements .
“ We ’ re also working with Timber Chain , a new service to enable stakeholders across timber supply chains to improve efficiency , transparency and security . The sustainability of international timber markets is too often corrupt and fragmented . Data will be stored and secured by our distributed-ledger tech in a way that makes it impossible to change , hack , or cheat the system .”
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