Leveraging blockchain and other cutting-edge technologies to advance sustainable objectives necessitates a shift in traditional business mindsets, asserts Anthony Day, a blockchain partner at IBM.
During his keynote address at the 2020 Blockchain Week summit in London, Day urged major corporations, many of whom have historically been competitors, to collaborate in creating "global startups" built around the principles of people, planet, and profit.
To effectively address global challenges, leaders in finance, technology, and business must acknowledge their shared goals and establish expansive coalitions capable of utilizing technologies like blockchain for meaningful social impact. Day, who describes himself as a "stereotypical climate warrior," emphasized the urgency of developing "exponential capabilities" to address overwhelming threats.
According to Day, blockchain serves as a crucial technology that can foster collaboration among companies due to the transparency and trust it provides. However, transforming current business practices will also require legal and regulatory reforms concerning anti-competitive behaviors, intellectual property, and investment structures.
"Blockchain needs legal expertise," Day emphasized. "We must break away from conventional thinking, which involves tackling various pain points within the legal and regulatory frameworks, so legal support is essential."
IBM has been particularly proactive in the blockchain arena, offering the necessary infrastructure and scalability to facilitate innovation across various industries. One noteworthy initiative mentioned by Day is the IBM Food Trust, a platform designed to monitor food production status. This initiative connects farmers, distributors, suppliers, and retailers, ultimately reducing waste and improving logistics.
In March 2020, Finextra Research will delve into sustainable finance within investment and asset management during the second SustainableFinance.Live Co-Creation Workshop. This event will provide a platform to discuss the increasing demand for sustainability, the challenges ahead for sustainable investment, and how organizations in financial services and technology can achieve the UN’s Sustainable Development Goals by 2030.
Register your interest for this important event.