The global climate is perhaps the most talked about agenda right now, especially with negotiations at the 2021 United Nations Climate Change Conference being held in Glasgow, Scotland. The Evergreen Suez-blocking was a fiasco and the COVID-19 pandemic has had a rippling effect across the globe. In the light of all these events, an increasing number of people are re-writing trade rules to eliminate inefficiencies and help the planet evade the disaster of global warming.
Watr Foundation, a newly-founded venture in Switzerland, has emerged with the idea to utilize its Watr Protocol by embracing the digitization of supply chains and increasing transparency around environmental sustainability. The ultimate objective is to track the provenance of commodities bought and sold. Akin to nutrition labels on food items, the company seeks to use blockchain technology to track various aspects of commodities like CO2 emission, waste recycling practices, female participation, and other relevant data.
For this, Watr has partnered with a blockchain platform called Algorand, which is the brainchild of Silvio Micali, an award-winning cryptographer. The blockchain infrastructure of Watr Ecosystem is designed to meet the decentralized financing needs of governments and financial institutions. The foundation claims that 700 organizations around the globe have already implemented the infrastructure. The initiation will be with formal currency, along with stablecoins and other compliant cryptocurrencies.
Watr seeks to increase customer choice, financial inclusion, and transparency. The blockchain marks a transition to a digitized and transparent commodity market. With the support of blockchain pioneers and compliant guardrails, this mission of Watr looks extremely promising. It should be co-created by organizations to create mutually-profitable resource models.