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This gathering was designed as a blockchain technology bootcamp; as a result, much of the content was related to blockchain fundamentals, which have been explained ad nauseum by people far more intelligent than I. I emphasize potential because outside of a few specific non-crypto examples a handful of private, single-owner corporate blockchains from the likes of Walmart, Nestle, Maersk, Airbus, and a few others , industry-wide blockchain use cases are still largely abstract—an exercise in creative thinking.
People came from all over the world for this conference: This is far from a typical coastal US technology phenomenon. People worldwide believe in the blockchain story, and they want to help make it work. If this technology ends up rippling through society as pervasively as the optimists predict, its impacts will be endless and immeasurable. They range from nearly eliminating our need to blindly trust institutions like governments and major corporations to truly democratizing access to financial and capital markets, and according to a widely cited USV post, generally changing the way value is distributed on the internet.
We can probably agree that most sustainability goals refer to enduring and broad-based social, economic, and planetary wellbeing.
There are a few ways in which blockchain, in its early days, seems capable of enabling sustainable business solutions:. The country of Bitcoin would be the 45 th biggest energy consumer on earth. From what I can tell, the blockchain ecosystem is keenly aware of this and is working to address it in several ways:. Betting on, or simply counting on, blockchain to make any sweeping business or societal change is not without risks. Fortunately, our speakers were forthright about why blockchain technology might not work:.
For these reasons and many others, some of the smartest investors and operators in this space are still more bullish about blockchain-based digital collectibles like Cryptokitties than they are about enterprise blockchain solutions.
There are reasons for optimism that this technology will work, and that it will have sweeping positive impacts. We realize that this is just scratching the surface. If you are working on leveraging blockchain or any distributed ledger technology to promote sustainability in business, please reply here or email us at the CRB.
Learn more about the event and register here. David is passionate about leveraging new technologies to tackle big societal problems. After working for 5 years at Cambridge Associates in the Mission-Related Investing practice, he came to Haas to be closer to both the sustainability and entrepreneurial ecosystems. Thanks for sharing, David!
We did some research on sustainability and blockchain last year on behalf of the CRB and a retail client. One of our key takeaways was the role that sustainability professionals could play in advocating for integrating sustainability data e. Enter your email address to subscribe to this blog and receive notifications of new blog posts by email. Visit our "Contact" page to join the CRB mailing list. How Might This Happen? There are a few ways in which blockchain, in its early days, seems capable of enabling sustainable business solutions: Full supply chain transparency in food and textiles in particular can be immensely impactful on a number of dimensions.
Fully accountable corporations will go to greater lengths to ensure environmentally sustainable farming or harvesting practices, to eliminate slave labor in supply chains, and to condense the physical distances of supply chains.
For many companies, a blockchain-enabled supply chain tracker is akin to migrating from telegrams to an iPhone X. Until recently, Blockchain technology was used within the finance world. Now, valiant efforts are undertaken to implement this technology in the world of supply chain. Bigger firms like Walmart and IBM have started working on blockchain enabled supply chain. From E-commerce portals, consumers can buy with added layer of trust since they can verify and track the genuineness of the product.
If bricks are found inside phone box, tracing the point at which counterfeiting occurred can be tracked within minutes instead of days. Consumers can monitor in real time the status of their product after they place an order online.
If any bacteria outbreak occurs on a particular food type, it is possible to trace the origin of the source in minutes and stop selling items that were sourced from that particular location. The overall impact on farmers and industries are reduced greatly. Incidents similar to Chipotle can be avoided when blockchain is introduced in the supply chain.
It has become a common occurrence when automobile companies call back a huge number of defective cars. The current problem is, information is available for each batch of production. With transparent and full information process, call back of only defective cars can be done.
Beyond traceability what excites me is the transparency. It brings an entire interconnected view of the whole system. Having transparent operation will deter unwanted behavior. Blockchain has the capability to throw light on the supply chain, highlighting transparency which drives appropriate behavior like responsibility.
It's easy to conceptualize savings made by enabling availability of information. But, there are formidable obstacles that need to be overcome first.
Blockchain indeed has the ability to transform and disrupt the current supply chain practice. It will greatly impact the demand and supply side. It has the ability to promote trust and honesty among businesses without complex contracts. Since we need to change our entire working methodology to support blockchain, when the next generation workforce comes in, hopefully, this might become a reality.
Democratized trust the rise of blockchain This gathering was designed as a blockchain technology bootcamp; as a result, much of the content was related to blockchain fundamentals, which have been explained ad nauseum by people far more intelligent than I. The Achilles heel of current supply chain: Blockchain in supply chain: