Multi-billion dollar corporation Unilever announced the establishment of a $1 billion blockchain fund to combat climate change. Blockchain technology will play a vital role in the initiative and the funds for climate change will be used to protect the environment for the next ten years.
The corporation’s announcement highlighted that the $1 billion blockchain fund would be used to establish relevant and decisive environmental actions such as landscape restoration, reforestation, carbon sequestration, wildlife protection and water conservation. In particular, the Consumer Goods Corporation aims to achieve a ‘deforestation-free supply chain’ by 2023.
Unilever’s blockchain fund to protect the environment
Several environmental experts have claimed that the battle against climate change should be stepped up to keep the world habitable for future generations. With many conservatives saying that climate change is a deception, the new Climate Change Fund may be a step in the right direction.
Indeed, climate change is perhaps the greatest threat to humanity today. Using emerging technologies such as blockchain, geolocation mapping and satellite monitoring, Unilever aims to achieve zero carbon emissions in its supply chain by 2039. Unilever is taking a massive step towards success by investing in sustainability and sustainability. The announcement read:
“In the next ten years span, Unilever envisions a supply chain that is based on reforestation rather than deforestation, fights climate change instead of increasing carbon emissions, and believes in wildlife restoration rather than promoting animal-based products.”
Unilever betting big on blockchain technology
Unilever’s establishment of a blockchain fund to fighting climate change does not come as a surprise. The multi-billion-dollar corporation is a huge fan of technology. In 2019, the corporation deployed blockchain technology for ad reconciliation, which saved a lot of expenses.
In conclusion, the company has also been testing the use of blockchain technology in its accounts payable procedure. The procedure is costly and takes a lot of time as it is done manually. Blockchain technology will reduce the extra expenses and reduce the time taken to complete the process.