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ArtOfBlockChain

  • Exploring How ESG, Especially Social Factors, Can Be Integrated with Blockchain

    Lilly Gomes

    Member

    Updated: Oct 24, 2024
    Views: 611

    Hi everyone,

    I’m a social worker looking to add traceability to our social cause programs so we can track them better from the administrative side. I also want to promote businesses in economically underprivileged sectors to help improve their prospects.

    I read few blogs of blockchain influencers and came to know that blockchain tech can help me in my mission. I’m exploring how we can adopt blockchain technology to meet ESG norms, especially focusing on the social aspect. I'm curious about how it would work, what the costs might be, and any other insights you might have.

    Any advice or experiences you can share would be really helpful!

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  • Shubhada Pande

    Community Administrator • 7mos

    Yes, you can definitely use blockchain for ESG, especially for the social aspects. Blockchain technology provides a transparent and immutable way to track social cause programs, ensuring that every action is accountable and traceable.

    From an administrative perspective, blockchain can help you monitor your initiatives in real-time. This means less room for fraud or mismanagement, as every transaction and action is recorded on a tamper-proof ledger. For economically underprivileged sectors, blockchain offers a platform that promotes fair trade. It ensures funds and resources are distributed equitably, helping to improve business prospects for these communities.

    Blockchain can also help create digital identities for individuals in these sectors, giving them access to financial services and markets that were previously out of reach. This can significantly boost economic growth and development.

    Regarding costs, implementing blockchain can vary depending on the scale and complexity of the project. There are many scalable solutions available that can be tailored to meet specific needs. It might be wise to start with a pilot project to test its effectiveness before a full-scale implementation.

    I hope this helps! If you have more questions or want to share your experiences, feel free to jump in!

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  • Alex Dowling

    Member • 7mos

    ESG norms can be followed by blockchain ecosystems while they build layer 1 blockchain taking into consideration the carbon emission. Many government are framing ESG guidelines for organization which is a positive step.

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