Generating trust using product genome mapping: A cure for ESG communication

ESG or Environmental, Social and Governance has become a mainstream focus for many companies today driven by mandates such as SEC Climate Risk Disclosure and CBP Uyghur Forced Labor Prevention Act in the US or regulations such as the German Supply Chain Act in addition to the environmentally and socially conscious stakeholder activism. Investors and customers are demanding product visibility and provenance to make investment and/or buying decisions. The supply chain disruptions that has rattled the industry in the last couple of years has added fuel to the fire, with supply chain resilience as a key factor. Blockchain solutions with the ability to enable data sharing across multi-party systems, track and trace multi-tier chain-of-custody data flows and provide immutable, verifiable proofs is well-positioned at the intersection of supply chain resilience and the circular economy needs. This article will focus on how reporting with block chain solutions may provide the opportunity for companies to enhance stakeholder trust in their ESG data and its communication.