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Sustainability, can simply be said to be that feature, characteristics or property that determines how long or how well a particular project will do over a long period of time, it determines whether or not something which works now and is of benefits and advantages can continue to work and continue to be of benefit without have any significant disadvantage therefore in the world of before one embarks on any projects it is important to consider its sustainability.
Whether or not something is sustainable over a long or given period of time is very important just like I have clearly stated earlier and because of this importance it is crucial that one finds away to increase or ensure the sustainability of he's or her creation or project, the creation and project of concern to this post is the supply chain, the supply chain as we all know is increasingly crucial and important in global trade.
Supply chains are expected to ensure that products are sourced, produced, and delivered effectively with minimal environmental and social harm however because of the world we live in and find ourselves today it is difficult and sometimes almost impossible for the supply chain to do all these hence questioning its sustainability let us therefore see, discuss and explain some of the ways or roles in which the blockchain technology can play in verifying and ensuring the sustainability of supply chains.
First of all the blockchain technology basically plays the very crucial role of enhancing the transparency and traceability of activities and processes within supply chains and by doing so it significantly addresses the issues that basically make it difficult for the supply chain to remain sustainable and therefore helps in verifying a potentially sustainable supply chain.
Basically, by implementing the blockchain and allowing it to provide a mechanism, an immutable and tamper proof ledger that will be securely used and implemented for recording every transaction done and carried out in within the supply chain I mean the blockchain will allow and give all stakeholders the power and ability to track the journey of raw materials and products from the origin down to the final consumer.
That is not all, information such as sourcing location, transportation routes, and processing facilities can also be stored on the blockchain as a result providing a clear and original records that the consumers and stakeholders can access at any time, this includes information of where and how the goods or products was produced, this transparency builds consumer trust and ensures accountability as a result making sure businesses adhere and keep to sustainable practices.
Another role in which the blockchain plays in verifying the sustainability status of supply chains I mean to make sure that the supply chains meets up with sustainability status is by making sure that the suppliers be accountable for their actions especially when it comes to keeping up environmental and regulatory guidelines and standards and with the use of the blockchain the activities and actions of these suppliers can be monitored and therefore accountabilty ensured.
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Therefore, the blockchain basically uses its advanced technology and mechanisms and features like its tamper proof and immutable lesger to keep records of the transaction data and information of suppliers and through this immutable records of how the company resource is being used, how waste is being managed and the activities of other workers the stakeholders and companies can verify and be certain of the sustainability of the supply chain.
For example now in an industry which is watched or required to comply with a certain type of materials used in production, therefore by using the blockchain to track each stage of extraction and transportation, companies can monitor and determine whether or not the right and standard materials are being used, this approach and method basically ensures suppliers are accountable and that any risk that could cause reputational damage for businesses is reduced.
Owing to the fact that the blockchain technology can play the role, come in handy and can be very important and instrumental in fostering and facilitating the development and implementation of circular economy initiatives, which basically involves recycling and reuse of packaging materials like plastics and metals it can verify anf ensure sustainability by reducing waste.
If you don't already know, a circular economy is one that basically requires extensive tracking of materials to ensure that they are used efficiently and do not end up as waste, this tracking could be done easily and efficiently with the implementation of the blockchain seeing as it can help by providing an accurate record of a product’s lifecycle, from when they were raw materials to
production, to use, and eventual disposal and lastly recycliny and reuse.
This record in which the blockchain provides basically helps to ensure that the products are disposed of or repurposed sustainably, rather than contributing to landfill waste and environmental hazards with this we can agree that the blockchain does play an essential and important role in verifying the sustainability of supply chains by basically facilitating and enabling effective and efficient waste management.
Owing to the fact that sustainable supply chains are often vulnerable to threats of being attacked and falling victim or prey to many fraudulent practices and schemes for example counterfeiting just to mention one, this act of creating and distributing counterfeit products instead of the real and original one undermines and damages the reputation and integrity of the supply chain and thus making it not sustainable.
However, that is where the blockchain comes in to play the role of combating, fighting against and mitigating this act of creating and distributing of counterfeit products and how it does this is by basically ensuring the authenticity of products through its immutable andin tamper proof ledger as well as the transparency and accountability in which it facilitates and offers.
With the blockchain, each of the product or batch can be assigned a unique digital identity, which will be recorded on the blockchain and will be verified along the way until it reaches its final destination and to hands of the final consumer with each stage of its journey recorded on the blockchain as a result any kind of fraudulent practices, can be swiftly detected and prevented hence, the integrity and reputation of the supply chain will be preserved and its sustainability ensured.
In conclusion I would like to use this opportunity to say a very big thank to everyone who made the effort to read and go through this post which I have made, and I hope that you have been able to learn something new as I have explained and discussed four of the important, crucial and significant roles in which blockchain plays in verifying the sustainability of supply chains. Thanks once again for your time and effort.
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