Industry Group to Create Blockchain Tool to Track Companies Ethical & Green Commitments

Industry Group From the UK Develops Blockchain Tool To Track Sustainable Commitments of Companies

A financial industry body from the UK has recently revealed its plans to create a blockchain tool to monitor the sustainable commitments of firms. The story was originally reported by Reuters.

The Responsible Finance & Investment (RFI) Foundation has unveiled its new technology, a blockchain-based tool that will be able to track the commitment of companies with sustainability and detect the ones who are not acting in an ethical way.

With this new blockchain system, the foundation hopes to find out cases of “greenwashing”, which is known as the practice in which companies claim that they are ethical and ecological but they are not so much as they claim. By knowing these companies, the foundation hopes to decrease the cases of greenwashing in the country and in the main centers of Europe, North America and Asia.

According to Reuter’s reports, the foundation will collaborate with other 23 organizations to introduce the tool in 2019. The Chief Executive Officer of the RFI Foundation, Blake Goud, has told the media organization that many financial institutions will be taking advantage of the opacity of commitments and actions.

The participants will include companies like European Partners from Belgium and Magni Global Asset Management from the United States.

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