UK-Based Industry Group Develops Blockchain Tool To Track Companies’ Sustainable Commitments

By Agi Fatou Ndow October 22, 2018 Digital Currency No Comments

According to a release by Reuters on Wednesday 17th October, a UK based body industry responsible for the finance sector revealed its intentions to present a blockchain tool to monitor firms’ sustainable commitments.

A blockchain-powered tool is being developed by The Responsible Finance & Investment (RFI) Foundation to track companies sustainable commitments and to identify those that don’t go by the ethical credentials.

The new system is anticipated to help the industry group to deter ”greenwashing”, a practice that suggests firms claiming that they are more ethical or ecologically friendly than they actually are.

Chief Executive Blake Goud revealed to Reuters that the RFI Foundation’s initiative comes as part of a scheme to increase operations beyond its main focuses in Europe and North America with governments like Indonesia releasing green bonds for the first time this year. The industry group will partner on the project with 23 other members for them to present the tool next year.

He also stated that while many financial institutions are “taking advantage of the opacity of commitments and actions,” the new blockchain powered system will enable them to detect companies’ practices in responsible finance ”in real time”, and also help new entrants to the circle.

As indicated by Reuters, other members include Belgium-based European Partners for the Environment and U.S.-based Magni Global Asset Management.

22 Countries including 21 EU member states and Norway signed a declaration in April 2018 to set up a European Blockchain partnership for them to become pioneers in digital technologies and give high standards of blockchain uses in Europe and also enhance the quality of cross-border payments and regulatory reporting.

Cointelegraph reported on Oct 14th that the expanding size of European blockchain partnership. The latest entrant Italy signing the announcement before the end of September, outlining its commitment to help in identifying an “initial set of cross-border digital public services” that can be potentially executed through the European blockchain services infrastructure.