Our world runs on data. Every transaction we make requires verification and is often performed by a centralized body. Such a system results in a power imbalance of approvers vs. the approved, thereby limiting participation and collaboration. When you look at the verification of any transaction, it generally involves a simple check based on the most recent data. For example, a money transfer from party A to B involves a check of the current account balance of A and the authentication that party A indeed wants to transfer the specified amount to party B. This type of transaction also involves identity verification of Party A and B. All these steps in the fund transfer can be automated with the help of a technology that provides secured democratization of data with the programmability of transaction logic. Blockchain is that technology.
The sale of
fraudulent goods, costly finance fees for transactions, and data breaches have
the most impact on the underrepresented and economically disadvantaged who are
unable to afford the increases in goods and services that these problems
create.
The power of
Blockchain, with data that is decentralized and available to all permissions
parties, resides in its ability to enhance collaboration via reliable data. Built
upon the premise of collaboration, the technology facilitates a balance of
power among all parties.
Real
sustainability practices require true collaboration and mutual respect between
all the parties in the value chain. Compliance with corporate social
responsibility principles is not a synonym of sustainability: too many
situations show evidence that such declared compliance is obtained by pushing
the burden to the weakest links of the chain, typically the far-away
micro-enterprise suppliers that suffer from contractual asymmetry and low
bargaining power.
The
adherence to principles and guidelines set by supranational bodies and inspired
by non-profit organizations brings an immediate impact to the social wellbeing
across the extended value chain, from the initial source of the goods to the
final consumer, and circling back to the source of goods under circular economy
practices and behaviors.
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