Crypto and world famous brands: how the blockchain can help businesses

by · October 23, 2022

Blockchain is increasingly changing the way businesses conduct their day-to-day operations. The fascinating decentralized technology has a scope that puts it far beyond cryptocurrencies such as Bitcoin, Ethereum and memecoins. Instead, companies can use distributed ledger technology to make operations more efficient, transparent and decentralized.

World-renowned brands are now integrating blockchain technology into their daily operations. From carbon credit ecosystems to international payments to supply chain management, here are some ways blockchain is helping businesses.

IMPT – Reducing carbon footprints for individuals and businesses

IMPT is one of the newest blockchain projects that is starting to help world-renowned brands become more environmentally friendly. The IMPT ecosystem helps connect socially responsible brands with businesses and individuals who want to reduce their carbon footprints.

The whole system was designed to make it easy for people who want to offset their carbon footprint in a safe way and give them the opportunity to help the environment positively.

It appears that environmentally conscious investors are quickly realizing the impact IMPT will have on their overall industry and are beginning to rush to the pre-sale to invest in the project early. As a result, IMPT has already managed to raise over $5 million within two weeks of the presale going public.

The pre-sale is planned to take place over three separate phases. The first phase will offer 600 million IMPT at $0.018. The second phase will provide an additional 660 million tokens for $0.023 and the final phase will offer 540 million IMPT for $0.028. Each phase will be consecutive and will begin when the previous phase is sold out.

The ecosystem consists of the following:

  • A carbon marketplace
  • A trading platform
  • A social platform

The Carbon Marketplace allows users to quickly buy, sell and retire carbon credits. A carbon credit is a permit that represents one tonne of carbon dioxide removed from the atmosphere. Usually, large multinational companies are required to buy carbon credits to compensate for the pollution caused by industrial production. However, due to its fragmented and convoluted nature, companies and individuals are often hesitant to enter the carbon credit market. The industry is known for obscure pricing data and widespread fraud selling fake carbon credits.

IMPT seeks to remove the barrier to access to the carbon credit market. The team believes that contributing positively to the environment should be affordable for everyone, regardless of whether they are able to buy carbon credits or not.

The great thing about carbon credits on IMPT is that they are tokenized in the form of NFTs on the blockchain, providing complete transparency and traceability. This means buyers can rest assured that their carbon credits are genuine. Additionally, when a user wishes to withdraw a carbon credit, the NFT is sent to a burn address, removing it from circulation. This eliminates the concern of carbon credit fraud, such as double counting of credits.

Another great feature of the IMPT ecosystem is the Shopping Platform, which allows shoppers to earn carbon credits through daily shopping. IMPT has partnered with thousands of world-renowned brands, all of which are ready to allocate part of their sales margin to environmental projects, such as IMPT. When a buyer buys the platform, the sales margin is held in their account in IMPT tokens until they have enough tokens to buy a carbon credit. This feature allows everyday customers to reduce their carbon footprint by shopping.

According to the project’s Twitter, they have more than 25,000 affiliated retail brands, increasing by 20% every month.

Some world-renowned brands that IMPT has signed include:

  • Lego
  • River Island
  • Macy’s
  • Bloomingdale’s
  • GameStop
  • Bodega
  • Udemy
  • Microsoft

Finally, IMPT will launch a social platform to encourage individuals and organizations to become more environmentally friendly. The social platform will feature the first global score that will enable anyone to measure the impact of their carbon footprint. The higher the Impact Score, the higher the ranking. Finally, eco-conscious brands will fight to get to the top of the leaderboard to show their positive impact on the environment.

IMPT has created an ecosystem that is much needed in the cryptocurrency space. The industry has long been plagued by pollution issues due to the large amount of electricity required to secure Proof-of-Work blockchains such as Bitcoin. With IMPT, all cryptocurrency projects now have a method to enter the carbon credit market and reduce their carbon footprint. Overall, this will push the cryptocurrency industry into a more sustainable future and help world-renowned brands reduce their carbon footprints.

Visit IMPT Presale

Vechain – Supply Chain Management Tracking

VeChain is a blockchain platform that aims to improve supply chain management and improve business operations. By combining blockchain technology with the Internet of Things, VeChain has created an ecosystem that allows manufacturers, businesses and retailers to track products throughout the supply chain.

As a result, businesses can use the VeChain ecosystem to ensure that the products they buy are genuine. In addition, it helps reduce counterfeiting in all industries as the data is recorded on the blockchain and is completely traceable and immutable.

The platform allows manufacturers and businesses to assign a unique identifier (VID) to each product. VID can be implemented using QR codes, RFID tags or NFC (Near Field Communication) codes.

As the products pass through each stage of the supply chain, the operations involved in production are logged. This means that buyers can be confident that the product is authentic when it reaches the end user.

Many companies have already started to implement the VeChain Thor technology in their daily operations.

PwC is one of the most important strategic partners of VeChain. The $37.7 billion auditor has been partnering with the project since 2017 and provides its customers with improved product verification and traceability.

One particular industry that has explored partnerships with VeChain is the automotive industry. World-renowned brands such as BMW and Renault have partnered with the supply chain management solution. For example, VeChain participates in the BMW Startup Garage Program, testing a prototype solution for BMW that securely stores vehicle data. In addition, Groupe Renault is using VeChain to create a completely tamper-proof digital car maintenance book. This helps buyers to be sure that the information received about the vehicle, such as mileage and service history, is completely accurate as it cannot be tampered with.

VeChain has also made waves in the supermarket industry. Walmart China was one of the first to move into the space after partnering with VeChain in 2019. Together they launched the Walmart China Blockchain Traceability Platform, where 23 different products were tracked using the VeChain system from the product’s source to the Walmart stores.

Another industry that is implementing blockchain in its business is the fashion retail industry. A famous brand partnering with VeChain is LVMH, known as Louis Vuitton. The two companies have partnered to explore the best methods of implementing the technology in the supply chain, starting with Givenchy bags to help customers verify their authenticity. Furthermore, H&M also partnered with VeChain through its luxury subsidiary brand, Cos. Together, the two projects use the VeChain MyStory app to collect supply chain data and share it with customers. In addition, Arket, another brand from H&M, uses VeChain to track sustainable wool.

As you can see, blockchain technology is already helping a long list of well-known brands improve their business operations by making their supply chain more efficient and transparent.

Ripple – Improving cross-border settlements between large banks and companies

Although it is going through a major lawsuit with the SEC (and looks like it is winning), Ripple has long been used by the banking industry to handle cross-border settlements between countries. The blockchain-based company was founded in September 2012 and has gathered partnerships with a number of banks and large companies that actively use the technology.

Ripple created a Ripple Transaction Protocol (RTXP) called RippleNet, a cross-border Real Time Gross Settlement (RTGS) system that provides lower costs and shorter transaction times. The technology is much more secure than traditional cross-border payment systems and offers real-time settlement. However, the solutions offered by Ripple go beyond cross-border transactions and include the likes of e-invoicing, international supply chain payments and real-time cash collaboration.

As a result, there are a handful of large banks that have partnered with Ripple to be able to use the technology. One of these major banks is Bank of America, the second largest bank in the United States, which has a central role in ensuring that the company operates from a legal standpoint. Information about the partnership has been relatively muted since the SEC filing. However, experts suggest that Bank of America will begin using RippleNET to handle cross-border transactions once the case is settled.

Other banks using RippleNET include

  • PNC Bank
  • Siam Commercial Bank
  • Santander Bank
  • Standard Chartered Bank
  • SBI assignment
  • Krungsri
  • Canadian Imperial Bank of Commerce

PNC Bank started using Ripple in 2016 to improve network transaction speed to provide fast payments to its customers. Siam Commercial Bank, the largest bank in Thailand, uses RippleNet to facilitate payment services between twelve countries. Santander is focused on using Ripple technology in its One-FX service, which allows customers to make cross-border payments between the US and the EU.

Overall, although it may be an outcast to the traditional cryptocurrency industry, Ripple is helping the traditional financial industry improve its operations by using blockchain technology.

Conclusion

As you can see, countless world-renowned brands have begun to implement blockchain technology in their daily operations. The use of blockchain technology helps these brands become more transparent and efficient compared to their previous traditional systems.

Some of these technologies have been explored for several years, while others are still relatively new. IMPT is one of these new projects, but investors increasingly believe that the carbon credit market and trading platform will push the industry in a much more sustainable direction, helping cryptocurrency to become greener in the long term.

Visit IMPT Presale

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