SINGAPORE, July 30,
2024 /PRNewswire/ -- Taking significant strides
towards its goal of sustainable innovation, The GrowHub
Innovations Company ("The GrowHub") has announced a second wave of
enhancements – introducing advanced Environmental, Social, and
Governance (ESG) tracking capabilities within its
blockchain-powered platform. The company's strategic move doubles
down on its mission to improve standards for food traceability and
sustainability tracking across the F&B and consumables sectors
amidst an industry landscape where greenwashing has become
increasingly prevalent.
The GrowHub's platform is engineered to accurately and
definitively trace food to its sources. The enhanced platform, to
be introduced in the first half of 2025, will offer comprehensive
carbon emission tracking across entire supply chains. This comes at
a crucial time when robust tools are lacking to verify brands'
environmental claims.
"Businesses and consumers can leverage The GrowHub's
blockchain-powered platform to get access to data-driven insights
into how sustainable a product is," said Lester Chan, CEO of The GrowHub. "We are
transcending beyond mere assertions to offer verifiable, end-to-end
carbon footprint data."
The GrowHub's enhanced ESG capabilities include:
- Comprehensive emissions tracking: From production to
consumption, the platform monitors carbon emissions in
manufacturing, logistics, and transportation.
- Consumer transparency: The platform allows
consumers to verify a company's carbon neutrality claims and access
indicative carbon emission data for products.
- Carbon offsetting verification: This method uses
satellite mapping and blockchain technology to capture and verify
carbon savings, addressing the current susceptibility to
fraud in carbon credit markets.
- Localised standards: These standards recognise and
account for regional variations in carbon emission measurements,
which are particularly relevant in the Asian context where
universal accreditation standards are still being developed.
The GrowHub is discussing rolling out traceability systems
for food and carbon tracking with a few Asian government entities.
Its senior management recently returned from Bhutan after meeting with several key
stakeholders, including the CEO and CTO of Druk Holdings and
Investments, the investment vehicle of the Royal Government of
Bhutan. The GrowHub is also
announcing plans to accelerate its growth in Vietnam.
"Traditional paper audits and manual checks are prone to
inaccuracies and fraud," explained Alec Ngo, Chief Operating Officer at The
GrowHub. "Our system leverages IoT sensors, satellite imagery, and
blockchain to provide irrefutable, real-time data on carbon
emissions and offsets."
This technology addresses critical issues in sustainability
claims. For instance, urban
farming, often touted as eco-friendly, can produce up to six
times more pollution than traditional farming when scaled up due to
infrastructure requirements and export-related emissions.
The GrowHub's platform enables a more nuanced understanding of
sustainability. It can reveal how products claiming zero emissions
in production may have significant carbon footprints when
considering their entire lifecycle, including transportation and
storage.
"Our platform provides the tools for companies focused on
genuine accountability in their sustainability claims," Chan added.
"This higher level of transparency is crucial for businesses,
governments, and consumers as the world works toward a more
sustainable future."
About The GrowHub Innovations Company
The GrowHub Innovations Company is a leading Singapore-based technological firm that
provides cutting-edge solutions for transparent and sustainable
supply chain management. As Asia
Pacific's only Web 3-enabled plug-and-play ecosystem
builder, The GrowHub focuses on traceability, data insights, and
carbon credits. Leveraging blockchain technology and AI, the
company ensures full traceability throughout the supply chain,
empowering businesses with data-driven insights for a more
connected and responsible future.
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SOURCE The GrowHub Innovation Company