Blockchain and Social Responsibility

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Blockchain and Social Responsibility

25 September 2021  |  Blockchain, Emerging Tech, Traceability

CSR has become one of the critical pillars of our society for overall growth. CSR in India has evolved through different phases, like community engagement, socially responsible employee relations, and socially responsible production. The various social initiatives help firms balance their economic, social, and environmental imperatives. These kinds of initiatives strengthen the stakeholder-firm relationship and enhance corporate image. It is also an effective tool that synergizes the efforts of the Corporate and the social sector towards sustainable growth and development of societal objectives at large. Transparency in the disclosure of CSR policies and programs is essential if firms fully benefit from such initiatives. Post pandemic, there is renewed attention for charitable organizations, with greater interest through customer engagement. As philanthropy (through CSR) becomes a critical pillar in society, it requires a more transparent, vigilant and accountable framework.

Corporate Social Responsibility initiatives help firms to balance their economic, social, and environmental imperatives. These initiatives strengthen the stakeholder-firm relationship and enhance corporate image. Transparency in the disclosure of CSR policies and programs is an essential aspect if firms have to benefit from such initiatives fully.

Philanthropy

Lots of projects in the CSR sector involve charitable donations. And in most cases, charities seeking funding must provide evidence of achieving specific performance goals before the budget is released. Companies nowadays must find effective and efficient ways to gain visibility into their social-related supply chains, given the increasing demands for greater transparency from regulators, consumers, activists and investors, and the vast number of resources such a commitment entails. TRST01 itself is working towards implementing blockchain technology to increase the effectiveness of such various related activities to philanthropy. We are particularly interested in exploring our platform collaborative technology usage for charity validation work worldwide. The entire solution architecture of the technology platform would allow documenting the verification steps so that anyone can see the proof of effort/usage. As various industries from healthcare to automobiles and banking to education are already pursuing this technology for its tamper-proof record of data, the trust and transparency that blockchain assures also resonate with the values of Corporate Social Responsibility (CSR).

Example There are four major stakeholders involved in a charitable donation, the donor, the bank is facilitating the transaction, the charity and the final beneficiary. So, there is an involvement of multiple stakeholders who all need to trust each other. It is, therefore, the perfect combination of a use-case opportunity for blockchain implementation. Thus, becoming a superior technology when it comes to ensuring traceability, transparency and trust. Although most donation platforms still do not offer this kind of transparency, some forward-looking organizations are rearing the norm, such as Donatekart becoming the first Crowdfunding platform in India to use Blockchain technology. TRST01 blockchain blockchain platform brings unprecedented transparency and accountability into tracking charitable donations. With the help of Blockchain technology to trace hunger and authenticate the delivery of impact, Donatekart, in its first-of-its-kind program globally, aims to bring transparency in initiatives related to desire. TRST01 also collaborates with a broad set of experts/projects on this domain to create and curate relevant solutions and share/promote lessons that help communities worldwide. This will further accelerate the regulated use of blockchain and boost its adoption across CSR vertical. The underlying usage of Blockchain Technology has a massive potential in India, which is being observed through its usage in several public sectors, private sector and social sector due to its benefit of being quick, transparent and easily traceable.

TRST01 Pillars of Value Addition:
  • Transparency: Data stored on the blockchain is available to all approved participants-creating a single source of truth
  • Trust: Data linked among tamper-proof blocks enabling trust between participants who don’t need to know one another
  • Auditability: Data on the blockchain is everlasting and difficult to change – creating an extensive audit trail

Conclusion

Today, the importance of CSR does not only belong to large companies but also to any organization. As the usage of the phrase suggests, ‘True Profit Is Common Welfare’. Therefore organizations with a genuine commitment to CSR outperform those that don’t. Whatever the business, the overall aim is always to positively impact society while also improving the company image and brand, business performance, and employee engagement. TRST01 believes that developing CSR-oriented supply chain management will lead to the coexistence and co-prosperity of the value-partnership with the involvement of our notable stakeholders. The utilization of blockchain and the promotion of a circular economy would reduce environmental impact and increased consumer trust due to the transparency and accountability it provides.

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