Social Sustainability: How Blockchain Technology Can Stop Unethical Business
How Blockchain Technology Can Stop Unethical Business
Blockchain technology has the power to revolutionize security in the business and logistics sectors. Here’s how it can increase social sustainability.
Keyword(s): blockchain technology
Are you wondering what all the hype with blockchain is? If you’re reading, then you’ve probably noticed talk of blockchain picking up steam.
It doesn’t look like blockchain is going away either. An estimated 84% of companies are experimenting with it. No company wants to be left behind.
You might be wondering how blockchain technology could put a dent in bad business practices. This post will cover a few ways that it can help make a change.
Keep reading to learn how blockchain is changing the game in business.
Bringing Blockchain to Supply Chains
Blockchain brings many benefits to the supply chain that isn’t available with traditional technology. With blockchain growing in 2018, we’ve seen innovations from the technology that is promising to be beneficial across the board.
We’ve seen disruption in currency, advertising, messaging, and healthcare. Blockchain will bring these benefits to these industries as well as any other industries it enters.
Companies say a lot, but don’t always do what they say.
When you can’t see how they handle their business, it’s hard to hold them accountable for keeping their promises.
Blockchain technology handles their transactions on a public ledger. Because of this, you can see dates, amounts, products, and anything else that goes on in the supply chain. This transparency provides a level of accountability that you can’t get elsewhere when things happen behind closed doors.
Find Unethical Suppliers and Purchasers
It isn’t always obvious when a company has a shady history.
With public contracts on the blockchain, you are now able to see if a company isn’t fulfilling its commitments.
This public oversight will also help identify large refunders, counterfeit goods, counterfeit drugs, and a host of other bad business actors.
When you purchase from a company, it’s sometimes hard to know if you can count on them.
With the blockchain ledger, you can see how much trust others have in them by seeing how much they are counted on in business.
Seeing that a lot of big companies trust someone can help mitigate any mistakes or misinformation.
Document the Chain of Custody
Do you know where the materials that the things you purchase come from?
You probably won’t be able to find out unless companies make a point to tell you. With blockchain, you will be able to track where all materials a company purchases come from.
You can use this information to see where a company sources products and if that company is a bad actor. A bad actor won’t be able to hide behind closed doors anymore and will have to answer to the public.
Stay Up to Date With Blockchain Technology
It seems like every other week we have a new application for blockchain technology being developed. If you are looking towards the future, then don’t fall out of the loop with what’s new.
If you are looking for a great way to get the most up to date information, then think about attending the Blockchain Supply Summit. Check out the industry experts that will be speaking at the event.