- VeChain's Sunny Lu advocates blockchain as a way for corporations to manage their sustainability record.
- Blockchain technology offers a unique low-cost data transmission framework and a viable reward scheme.
VeChain CEO and co-founder Sunny Lu recently outlined a path for businesses to achieve transparent sustainability. The CEO of VeChain claims that 2025 will redefine how the world perceives and achieves true sustainability.
Growing Tolerating Resilience and Challenges
Sunny Lu noted in a recent newsletter that global consumers are prioritizing sustainability in their spending habits. PwC's Voice of the Consumer Survey 2024 show up that consumers prioritize sustainability, such as traveling less and eating different foods.
Although the public is willing to pay a premium for sustainable products, they need to believe the product's sustainability claims. Companies usually find it difficult and expensive to validate products in a way that satisfies the majority of consumers.
Lu believes that the emergence of digital tracking and incentives can have a positive impact on the issue. He cited an example where McDonald's introduced a series of reusable cups during the holidays. Customers can track their usage and receive rewards for continued participation through the McDonald's app.
The incentives drive continued use, while the technology tracks use over time. This provides real McDonald's data that consumers can use to support their claims. The CEO of VeChain confirmed that this establishment is necessary because the European Commission has found issues in sustainability applications.
According to the Commission, around 42% of sustainability claims were false or, at best, symbolic moves, a practice known as “green locking”. The average consumer finds these practices intolerable and erodes confidence in upcoming sustainability initiatives.
The CEO of VeChain advised businesses to use emerging data tracking, recording and verification technology as they are more affordable than traditional methods. He mentioned some, including Near-Field Communication (NFC) technology, digital tracking, and blockchain.
NFCs and digital tracking make data collection much more efficient and automated. On the other hand, blockchains are immutable ledgers that are impossible to block or falsify.
Blockchain as a solution for proof of sustainability
Sunny Lu noted that some companies have already started using blockchain to address sustainability while maintaining trust, transparency and traceability. He pointed out that MugShot, the sustainability benefits app in the VeBetterDAO platform, rewards users for using reusable mugs instead of disposable ones.
Sunny Lu says businesses can embrace the Mugshot model for other sustainability activities. He said global consumers want better standards for informed decision making.
Sunny Lu uses technology as the ultimate solution to sustainability challenges. He said businesses can use blockchain to create products with digital passports that contain verified information about every part of their creation and transportation.
The CEO called on business leaders to get on board the technology train. “The largest companies in the world must start implementing these processes and become examples for the rest of the market,” says Sunny Lu.
As for VeChain, it is already creating social and environmental impact with its VeBetterDAO platform. VeBetterDAO it has a real utility, encouraging users who perform constant actions with the B3TR token.
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Source: https://www.crypto-news-flash.com/vechain-ceo-sunny-lu-outlines-a-path-to-transparent-sustainability/?utm_source=rss&utm_medium=rss&utm_campaign=vechain-ceo-sunny-lu – outlines-path-to-transparent-sustainability
