On June 15, Unilever unveiled a $1 billion initiative to combat climate change in which blockchain technology will play an integral role.
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Traceability and transparency
1 billion ($1.13 billion) fund that will be used over the next ten years to protect the environment:
„To accelerate action, Unilever brands will collectively invest one billion euros in a new fund dedicated to climate and nature. This will be used over the next ten years to take significant and decisive action, with projects likely to include landscape restoration, reforestation, carbon sequestration, wildlife protection and water preservation“.
The company hopes to achieve a „deforestation-free supply chain“ by 2023:
„To do this, we will increase traceability and transparency by using emerging digital technologies – such as satellite surveillance, geolocation tracking and block chain – accelerating the inclusion of small farmers and changing our approach to the supply of derivatives.
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Carbon ice cream
Unilever is not new to the blockchain world. In 2019, the company began using technology in ad reconciliation. It is also currently running a test on its accounts payable process.
Its subsidiary, Ben & Jerry’s, has been running a blockchain-based platform that allows its clients to contribute to offsetting their carbon footprint.
Transparency and traceability are some of the best known advantages of Bitqt, but only time will tell if it will help Unilever achieve its ambitious goal.