Finboot's CEO: Blockchain Adoption Will Improve Industrial Processes

Published at: March 6, 2020

Corporates that advocate for Environmental, Social and Governance (ESG) responsibility initiatives should adopt blockchain technology, the CEO of Spanish blockchain software firm Finboot said on March 5th in a blog post.

According to Finboot CEO and co-founder Juan Miguel Perez, to communicate the achievements of ESG initiatives, companies must obtain quantitative metrics that verify their progress and authenticate what they say. That is where blockchain technology comes in.

But the introduction of traceability in ESG policies, says the Finboot CEO, is not as easy as they appear, as such implementation involves complicated supply chains.

The co-founder of the Spanish blockchain firm made the following statement:

“In the face of this significant challenge, embracing technology is crucial if businesses are to prove they’ve delivered on their initiatives. And which of the many digital technologies available should we look to when it comes to measuring sustainability goals? Blockchain.”

Blockchain as a trustworthy technology for ESG initiatives

Thanks to blockchain’s handling of the transparency and trust issues that ESG initiatives face, Perez says it is an “outstanding” technology for tracing industrial processes.

Perez adds the following:

“By using blockchain to verify transparency in a way that no other digital technology can, businesses will dramatically improve their sustainability credentials and reporting procedures.”

In the article, the global energy company Repsol became an example of a company currently implementing blockchain technology to digitize part of their subsequent supply chain.

According to Finboot’s CEO, thanks to blockchain, Repsol can track assets such as polyethylene from production on to the plastic container that is manufactured.

Blockchain adoption projections for 2020

As for projections for 2020, Perez expects many blockchain applications to appear on the market that will allow a cohesion with the objectives pursued by ESG.

Tags
Adoption
Blockchain
Spain
Related Posts
Spanish stock exchange ready to test blockchain-based SME financing system
Spanish stock exchange Bolsas y Mercados Españoles, or BME is set to test its blockchain infrastructure for small- and medium-sized enterprise financing following a successful pilot run back in 2020. According to Finextra on Friday, this next set of trials by BME will involve businesses that are part of the country’s SME financing ecosystem under the aegis of a regulatory sandbox created by Spain’s Ministry of Economic Affairs and Digital Transformation. As previously reported by Cointelegraph, this sandbox is seen as an important step in promoting greater fintech development in Spain, with a focus on improving greater competition while reducing …
Adoption / May 14, 2021
Spanish Telecoms Operator Partners With IBM to Manage International Calls With Blockchain
IBM and major Spanish telecommunications firm Telefónica have partnered to apply blockchain technology to managing international mobile phone call traffic, per a press release shred with Cointelegraph Nov. 14. Telefónica is the seventh largest telecom company in the world by market capitalization, valued at $51 billion according to Forbes. The company carries out communications business in 17 countries, with 343 million customers. The collaboration with IBM aims to streamline certain Telefónica business processes and address various challenges in the field, including the reliability and transparency of information registered from different networks when routing international calls. Specifically, Telefónica plans to use …
Adoption / Nov. 14, 2018
Port Authority of Valencia Joins Maersk, IBM Blockchain Project for Shipping
The Port Authority of Valencia (PAV), Spain, has integrated into the TradeLens platform, a blockchain ecosystem jointly developed by IBM and shipping giant Maersk, according to an official announcement published Nov. 5. Launched in August 2018, the TradeLens platform applies blockchain technology to global supply chains. The product aims to improve trade efficiency and security, wherein all participants of the supply chain, including shipping lines, port and terminal operators, customs authorities and other parties, can interact and access shipping data and documents. Per the announcement, PAV has integrated into the TradeLens project as “Early Adopters,” meaning that the port will …
Adoption / Nov. 6, 2018
Spanish Port Authority Joins Blockchain Platform Developed by IBM and Maersk
The Port Authority of the Bay of Algeciras (APBA) has signed an agreement under which it will collaborate with IBM on its shipping platform Tradelens, Europa News reported on Jan. 21. Tradelens is a digital platform based on blockchain technology developed by both IBM and international shipping giant Maersk. Algeciras is one of the top 10 busiest ports in Europe, hosting over 70 million tons of cargo traffic annually. In 2017, the port had a container throughput of 4.3 million containers. According to an APBA note seen by Europa News, the platform will allow APBA to more securely and efficiently …
Adoption / Jan. 21, 2019
Spain: BBVA Bank and Energy Co. Repsol Partner to Develop Blockchain Financial Solutions
Major Spanish banking group BBVA and Spanish energy company Repsol have signed an agreement to develop blockchain-based solutions for corporate banking, according to an announcement published June 20. The product by BBVA and Repsol was developed using multiple different blockchain technologies, namely Hyperledger and the Ethereum test network. Nuria Ávalos, the head of Blockchain and Digital Experimentation at Repsol, commented on the collaboration: “Repsol wants to actively take part in collaborative environments. Blockchain is a disruptive technology that is here to stay and the agreement with BBVA advances our strategy of driving digitization in all areas of our activity.” The …
Adoption / June 21, 2018