Could blockchain help make ESG reporting more reliable?

[RidwanMalik]

I was thinking the other day about how companies now report on environmental and social issues. But trying to track everything a big company does all around the world has gotta be near impossible right? That got me thinking about how blockchain has come up as a potential solution. Since it allows a shared record across borders, it could help verify ESG data in a consistent way worldwide.

Do you think the transparency of blockchain outweighs these risks? Cos I think what really counts is real world effects. More talk needed on balancing progress and oversight I figure.

What do you guys think? Any chance it could work?

[MrSpasybo]

I was thinking the other day about how companies now report on environmental and social issues. But trying to track everything a big company does all around the world has gotta be near impossible right? That got me thinking about how blockchain has come up as a potential solution. Since it allows a shared record across borders, it could help verify ESG data in a consistent way worldwide.

Do you think the transparency of blockchain outweighs these risks? Cos I think what really counts is real world effects. More talk needed on balancing progress and oversight I figure.

What do you guys think? Any chance it could work?

I think blockchain only serves as a decentralized storage that cannot be modified at will. If these companies want, they can create an NFT and save it on the blockchain, then publish it in the company's records.

However, what I worry about is the reliability of those reports. Normally, companies always want the most positive and positive reports for their development. It is difficult for blockchain to provide this information, unless data related to environmental and social reporting is also continuously updated on the blockchain and allows everyone to access and check.

[Rex067]

I was thinking the other day about how companies now report on environmental and social issues. But trying to track everything a big company does all around the world has gotta be near impossible right? That got me thinking about how blockchain has come up as a potential solution. Since it allows a shared record across borders, it could help verify ESG data in a consistent way worldwide.

Do you think the transparency of blockchain outweighs these risks? Cos I think what really counts is real world effects. More talk needed on balancing progress and oversight I figure.

What do you guys think? Any chance it could work?

The technology Blockchain it self has the potential to make environmental social and governance report more transparent and reliable. The Blockchain technology is distributed ledger technology it allows for the secure and immutable tracking of data and other valuable information. Addition the technology helps to standardized and streamline ESG reports and making it and easy way for companies and sectors to regulate.

[TomPluz]

Do you think the transparency of blockchain outweighs these risks? Cos I think what really counts is real world effects. More talk needed on balancing progress and oversight I figure.

Yes, it could work as the blockchain technology can be adoption to many different industries, situations and goals. the most important thing is that there is more transparency in the process and things can easily be verified to be true and not just made up to comply with possible regulations. And this can be the reason why blockchain technology can be all-encompassing and can lessen the many weaknesses of human nature especially in implementing programs and projects.