Unilever recently unveiled a US$ 1 billion initiative to combat climate change, in which blockchain technology will play an integral role. The resources will be used in reforestation, carbon sequestration, wildlife protection and water preservation projects.
The company hopes to reach a “deforestation-free supply chain” by 2023. And that’s where blockchain comes in. To do this, the company will use the technology, associated with others, to provide greater traceability and transparency in the supply chain and accelerate the inclusion of small producers.
Unilever is not new to blockchain. In 2019, the company began using the technology in ads reconciliation. Currently, it is also running a test in the accounts payable process.
Its subsidiary Ben & Jerry’s is running a blockchain-based platform that allows its customers to contribute to offsetting the carbon footprint.
Transparency and traceability are some of the best known advantages of blockchain technology.