Utilizing Blockchain to Drive a Circular Economy

Blockchain technology can be used to help companies solve waste management problems and help them work toward a more circular operation. That’s according to a report by Forbes that tackles how blockchain can be used to help businesses handle the disposal or reuse of their products.

Blockchain has been touted as a way to reduce resource consumption by providing transparency and traceability. Forbes also points out that blockchain can help to combat counterfeiting and its substantial negative environmental and social impacts in terms of materials used and human rights, as well as fair work practices.

“Moreover, consumers will be able to make more informed purchasing decisions, enabling them to consume truly sustainable circular products and services,” the article notes.

Forbes has more:

There is an increasing focus on and awareness of the damage humans are causing the planet. Whether you believe the extent of this or not, I am sure you agree that we should become better planet citizens and start to reduce, recycle and reuse more than we do today.

As the damaging effects of climate change are becoming more obvious, the pressure to innovate and adapt to a circular economy is starting to become a significant priority business practice.

Even though I work with blockchain, my background is in retail (being born into a retail family), and I am pleased to see that more and more brands are adopting a more sustainable, circular economy-driven practice.

Read the full article here.