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Blockchain use cases

ESG

ESG

ESG (Environmental, social, and governance) has become important as organizations are under pressure to improve their standards and accountability on many ethical issues. ESG reporting lacks standardization and transparency, causing greenwashing and mistrust among consumers and regulators. Blockchain smart contracts provide immutable certification and automated ESG data reporting. This addresses the industry gap and builds stakeholder trust by accurately tracking an organization’s ESG progress.

AstraKode for ESG

ESG

Blockchain can solve ESG reporting issues. It can provide immutable certification and automated ESG data reporting, improving measurement and reporting transparency. Blockchain can track supplier chains, carbon emissions, and credits to accurately quantify an organization’s ESG performance and progress. Blockchain allows companies to track and disclose their ESG performance and give regulators and the public trustworthy data.

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Problem

Companies are facing growing pressure to improve their environmental, social, and corporate governance (ESG) practices, but many struggle with a lack of competence and transparency in these areas. The practice of “greenwashing,” or exaggerating sustainability claims, has led to increased scrutiny and penalties from regulators. Additionally, the lack of clear and standardized ESG norms and metrics, makes it difficult for organizations to define, uphold, and measure progress, leading to mistakes in reporting and mistrust among regulators and customers.

Solution

By providing a transparent and immutable way for monitoring and reporting on numerous data points linked to an organization’s ESG performance, blockchain technology can help alleviate some of the difficulties associated with Environmental, Social, and Corporate Governance (ESG) reporting. Proof of compliance and the elimination of greenwashing can be obtained via the blockchain’s immutable records. The data collection and reporting process can be automated with smart contracts, saving time and money. In addition to helping businesses conform to regulations and making it simpler for authorities to enforce them, this can also boost confidence in and accountability for ESG reporting.

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