Blockchain technology enabling sustainable development verification and approval

Abstract

World corporations demonstrate good world citizenship responsibilities through their Corporate Social Responsibility Reports (CSRs) also referred to as World Citizenship Reports or Sustainability Reports). Most US SP an independent international organization since 1997). The goal of a corporation’s CSRs is to demonstrate how its operations are moving towards balancing environment, economics, and equity (or social justice)–commonly referred to as the 3 Es. CSR submission to GRI is voluntary and there is generally no independent verification and approval of the submitted CSR. Investors, shareholders, consumers, and government regulatory agencies are interested in the accuracy of corporations’ sustainable operations data (energy efficiency, CO2 emissions, recycling, fair wages, etc.). GRI has concerns about the accuracy of CSR data and is interested in verified data and reports. The emerging Blockchain technology offers some unique features that can be applied to verify and approve sustainability development methodologies and metrics of a corporation’s operations as it relates to the 3 Es. GRI can be one of the partners in the process and thus enhancing the trustworthiness of the reports submitted. This research discusses how Blockchain features, such as, distributed database, members’ verification and approval, security, etc., can enable sustainable development’s data verification and accuracy. This can apply to public, private, and other non-business operations (e.g., non-profits). This research also discusses Blockchain technology applicability to supply chain operations (Business-to-Business), thus enabling sustainability effectiveness among businesses. There will be pros and cons during implementation of any new technology. This paper discusses some of these and projects what the future might look like using this technology for sustainability. Key areas of current implementations are also analyzed.