Financial Industry Group Turns to Blockchain for Tracking Firm Sustainability Goals

A UK-based group, Responsible Finance and Investment (RFI) Foundation, said on Wednesday that it had collected 24 signatures for the development of a blockchain system that should analyze how companies meet their sustainability commitments. RFI Foundation, which promotes socially responsible banking, insurance and investment including Sharia-compliant versions, plans to introduce the tool next year.

The body decided to use distributed ledger technology because of its ability to track all data and to bring transparency. Moreover, the process of correcting old information is nearly impossible with blockchain, and in that way, RFI Foundation will tackle problems such as “greenwashing” – a process when comp…

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