Blockchain technology was first introduced in 2008 for cryptocurrency transactions in the financial industry. Its core features include transparency, tokenization, traceability, security and reliability. These unique characteristics have enabled organizations to create a tamperproof record of transactions that is decentralized and accessible to all participants in an ecosystem. Thus, blockchain technology soon gained traction as a solution for various business challenges from supply chain management to data security. As the world faces increasingly urgent sustainability challenges from climate change to resource depletion, organizations are now looking for new ways to enhance sustainability efforts. Enterprise blockchain technology provides the foundation for driving sustainability value that helps validate sustainability claims, access sustainable products in new markets, establish new relationships with trading partners with sustainability certifications and obtain credible sustainability data. It may possibly even provide access to shared enterprise infrastructure in the future that removes barriers between organizations while protecting confidentiality.

Full commentary : Emerging technologies are reshaping society and blockchain can transform organizational practices to help achieve sustainability goals.