When a business has something to hide, transparency is the first thing to go. When they have good news to share, however, they throw the doors open and let the sun shine in. Anyone who has ever been to a shareholders meet knows all about this first hand.
Verity Tracking makes the most of transparency of distributed ledger technology powered by blockchain by using it to share the good news of documented sustainability efforts. Businesses who have a product to sell will be able to show, document, and verify the carbon intensity of their products, which may sound daunting on the face of it. This honesty creates credibility in the market. And then, when the business implements policies and expends effort to improve the number and reduce the carbon intensity of the product by using the same metrics good things happen: The market believes the numbers, chiefly because they can see them for themselves and, if they’re so inclined, explore what really happened.
An Example of Transparency
Take for example a company like Gevo, Inc., that produces advanced bio-based renewable fuel. They can drive down the carbon intensity score by working with farmers that use sustainable techniques that encourage soil health and carbon sequestration to grow their corn feedstock. Then they bring it to their plant where the biorefinery is powered by wind turbines rather than the coal-fired electrical grid. Gevo’s CEO Pat Gruber likes to say that a tank of his company’s renewable fuel is like a battery that stores renewable energy. And by sharing these plans and acting on them, documenting the successes, and tracking the carbon count closely, the sustainability of the product becomes a trustworthy metric.