McGuireWoods London partner Marc Naidoo recently wrote an article for
Global Banking & Finance Review on how consumers could use technology to ensure use of sustainable
practices in production and all along the supply chain.
In the article, Naidoo highlighted how technology can connect all parties
in an economic ecosystem and create responsibility across the supply chain.
He said the only way to ensure sustainability is to apply pressure to the
Naidoo suggested that a possible solution is using blockchain technology to
monitor the journey of goods from source to end consumer. Instead of
relying on companies to say a product was produced sustainably, consumers
can track how the product is transported along the supply chain to
determine whether the product was manufactured using forced labor or
transported via methods that produce high emissions.
“A move to digital supply chains would ensure that the endorsements and
grading given to goods actually mean something to end consumers, and there
would actually be accountability throughout a supply chain,” Naidoo wrote.
Naidoo, a debt finance partner, is a member of the five-person executive
committee leading McGuireWoods’
ESG task force.