Blockchain will now solve the problem of Greenwashing

• Many companies use greenwashing to persuade their consumer
• This greenwashing will now be caught with Blockchain.

Greenwashing is a common practice which many companies use in order to form an environmentally friendly and appealing brand image. They make false promises that they never fulfil, but now all these decisive practices will be tracked with the help of this new initiative called Global Ledger which collects all the data from different sources such as satellites, drones and websites. This information will be stored with the help of blockchain.

What is Greenwashing

Greenwashing is basically a word derived from whitewashing. As we all know, whitewashing is nothing but doing something wrong and then hiding it. Similarly, greenwashing is a form of decisive advertising which shows the public that the company’s policies and products are environmentally friendly to persuade the public to contribute towards a better environment by buying their products.

Greenwashing is a more common practice when a company emphasises the bright side of the product to hide the damages the company is causing to the environment. As a vigilant consumer, you should be aware of all the characteristics of greenwashing so that you don’t get misled by the illicit practices of such companies. Some common characteristics of greenwashing are: Hidden trade-offs; Lack of solid proof; Vagueness which means claims that could be misunderstood by consumers; Worshipping false labels; and also sometimes Fibbing which means making a claim that is simply false.

How the problem of greenwashing can be solved using blockchain

According to a report by The World Economic Forum, it is now possible to actually know whether a company or a country that is promising to reduce carbon emissions is keeping its promise or not. This extremely hard thing is now possible with the help of a new initiative by Global Ledger, which is led by a group of World Economic Forum Young Global leaders. It basically uses the data from all the sources of the internet whether it is drones, cameras, nano satellites or anything from which information can be gathered. This information is then stored with the help of blockchain technology.

This initiative was launched at the annual meeting of the World Economic Forum of the New Champions which was held in Dalian, China. Many countries have promised to eliminate the emission of greenhouse gases but there have been no concrete steps taken. With the help of this initiative, we will know the exact progress of every country towards this aim. Helen Hai is a UN Goodwill Ambassador for industrialization and he is also the head of a blockchain charity foundation. He aims to use blockchain technology to achieve sustainable development.

This data will be available to the general public so that they can know whether the government and the organisations that are making such promises are really keeping them or not. All the problems such as climate change, pollution, water shortage, excessive carbon emission, global warming can now be easily monitored with the help of this tool. At least a report card of the government will be generated with the help of such tools and people can ask questions to the government based on this. This will eventually lead to the government working with more responsibility.