Uniliver, a British-Dutch multinational consumer goods company will use blockchain to create a deforestation-free supply chain by 2032.
The corporation is establishing a $1.13 billion Climate & Nature Fund that, over the next ten years, will be used to protect the environment. These funds will be utilized over the next decade to take meaningful and decisive action, with projects including landscape restoration, reforestation, carbon sequestration, wildlife protection, and water preservation, according to the company.
This is not the first project in which Unilever is leveraging blockchain technology. Last year, the company started using blockchain in ad reconciliation. It is also currently running a trial in its accounts payable process.
Currently, blockchain technology is being used in many fields around the world, including healthcare and logistics. The blockchain technology that underpins most cryptocurrency has gained recognition among government officials worldwide.