How Real Items Phygitals Address United Nations Sustainable Development Goals
In the previous article, we tackled how NFTs for real-world assets, “Phygitals,” will change how we interact with everyday products. We talked about a future where every physical object is digitally connected to the Internet and the blockchain. Phygitals do more than add a layer of trust to physical products, they can be leveraged to address the United Nations Sustainable Development Goals (UN SDG) and achieve a more sustainable future for all. Real Items Phygitals are minted on blockchains that are eco-friendly, provide data to producers that lead to a decrease in waste and an increase in efficiency, and most importantly create a level of trust that has never been possible before.
Here are four UN SDGs that Real Items phygitals address:
Goal 12: Responsible Consumption and Production
Goal 12 of the UN SDGs focuses on sustainable consumption and production. It aims to decouple economic growth from environmental degradation. This should increase resource efficiency and promote sustainable lifestyles.
Phygitals support this by making supply chains more efficient. Supply chain managers can use phygitals to track vital information such as when, where, and how a product was made. This data is recorded on the blockchain, so it is tamper-resistant.
In addition to production data, phygitals also offer direct-to-consumer (D2C) communication. Phygitals give business owners access to data that consumers willingly and safely provide. This, along with product information, compounds over time to create a library of data that will increase supply chain efficiency and reduce waste.
If your supply chain needs a data gathering, reliable, and tamper-resistant tracking system, you can BOOK A FREE DISCOVERY CALL and see how Real Items phygitals can transform your business.
Goal 13: Climate Action
Real Items highly values environmental protection, and we’ve made sure that the blockchains we build on do not add to climate change. Our NFTs are currently minted on Vechain, which uses the Proof of Authority (PoA) algorithm, and Polygon, which uses Proof of Stake (PoS).
Proof of Work (PoW) consensus algorithms that are used by Bitcoin and Ethereum blockchains can directly impact global warming. For example, A single Ethereum transaction is estimated to be equivalent to an EU resident’s electric power consumption for four days. By simply creating/purchasing Real Items phygitals, you are taking a significant step towards preventing climate change.
Goal 14: Life Below Water
Real Items phygitals contribute towards reducing ocean waste by efficiently tracking supply chain processes. Phygitals act as tools that companies can leverage to reduce their waste and keep trash out of the oceans. Businesses can use the data acquired from phygitals to continuously improve their product design and encourage a circular economy production model.
According to the United Nations, ocean acidity is projected to rise 100-150% by 2100, which will affect half of all marine life. The UN added that around 80% of the volume of international trade in goods is carried by sea.
Goal 17: Partnership for the Goals
“If you want to go fast, go alone. If you want to go far, go together.” -African proverb.
There is one hurdle that stops communities and countries from cooperating. That hurdle is trust. How can we ensure that the resources we share with these partners aren’t fake? How can we assure the other party that our products are genuine?
Real Items phygitals solve this issue of trust and accountability using blockchain technology.
Real Items uses this technology to prevent counterfeits and ensure that people worldwide receive authentic Jamaican goods. We partnered with Jamaica’s Ministry of Industry, Commerce, Agriculture & Fisheries, and the Jamaica Agricultural Commodities Regulatory Authority (JACRA) to trace commodities such as coffee and sugar. This partnership is a step towards sharing the benefits of phygitals with the world.
If blockchain technology, which is still considered to be in its early stages, could solve issues of trust for physical goods, how much more value could this provide in the future when it will be improved and refined by innovators worldwide?
The Real Items team is made up of people who love building and tinkering around with blockchain technology. But we don’t stop there. We want to see blockchain and phygitals being used in a way that will benefit us and the generations to come. We build for a sustainable future— a future we can proudly pass on to our children.
If you have an enterprise/Shopify store that cares about the UN SDGs and would like to apply Real Items technology into your supply chain, you can book a free discovery call with us HERE.