ESG oriented blockchain wants on-chain ‘nutrition labels’ for every commodity exchanged

Representatives from the Watr Foundation said that they seek to bring ESG transparency to commodities industry.

The Watr Foundation, in partnership with blockchain platform Algorand, recently launched a project to provide ESG scoring for different commodities with a special focus on climate change. While the project has a clear environmental focus, the platform will also include labeling for everything from how a company treats its workers to the number of people participating in an asset’s ecosystem by gender. 

Watr Foundation council president Maryam Ayati said in a statement:

“We believe this next iteration on resource models should be co-created in mutually-owned profit models. It is a privilege and comfort to be collaborating with the pioneers of decentralized technology, blockchain, industry, and environmental products in bringing this blockchain ecosystem to life.”

Algorand COO Sean Ford said “Watr’s vision to enable a commodities market that is grounded in transparency, environmental responsibility and activism by all participants is aligned with Algorand’s leadership as a carbon-negative network.”

In September Algorand released a protocol upgrade to improve their smart contracts and unveiled a $300 million fund aimed at DeFi projects.