WEF launches blockchain based track and trace platform for businesses

WEF launches blockchain based track and trace platform for businesses:-The World Economic Forum on Thursday launched the first-ever public blockchain-based platform built to help businesses across industries respond to consumer demands for ethical and environmentally friendly products.

It would be a neutral and safe space for collaboration provided by the World Economic Forum (WEF) and first-movers Everledger, the International Trade Centre (ITC) and Lenzing Group, the Geneva-based organization said during its 50th annual meeting here.

Joining the open call to pilot and co-design the second phase will be Asia Pacific Rayon (APR), EVRYTHNG and PlataformaVerde. Related: 10 Great business ideas for 2019

The WEF said consumers today are more concerned than ever about the social and environmental impacts of the products they purchase.

Almost 90 percent would like big brands to help them be more environmentally friendly and ethical.

While blockchain technology offers a way to showcase sustainability and environmentally friendly practices, private blockchains do not address rising customer transparency demands, it added.

To date, companies have self-published such data or relied on blockchain solution providers to do so. Related: How to Start a Franchise Business

The pilot platform resulting from this initiative, however, can ingest blockchain-based data from multiple sources and visualize it on a neutral site. PTI BJ

source deccanherald.com

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