The popularity of blockchain technology has seen a meteoric rise since the launch of bitcoin in 2009 It is also largely due to the hype of cryptocurrencies as blockchain is the technology on which they run. In recent times, cryptocurrencies have found their use in many different segments with bitcoin sport betting being one of them. Similarly, blockchain can positively influence another important aspect of the business world – CSR (corporate social responsibility). Let’s have a look at how blockchain can influence CSR in a better way.
Blockchain for social good
CSR is one of the major flashpoints for businesses as they look to attract positive publicity and brand image. It also gives the companies a chance to showcase their values, mission and become the changemakers. However, it calls for a lot of transparency and accountability for both – the businesses that are sponsors and the initiatives themselves. Blockchain can help achieve transparency in both results and processes. It can be used by trustworthiness, a few important traits that everyone would want to have. Customers do not prefer companies that appear fake. Thus, it becomes important for companies to live up to what they promise and show the results of what they have achieved. Blockchain can help businesses achieve accountability and responsibility, which are usually demanded by consumers.
With blockchain, there is a high level of privacy as transaction details are available only among those who are involved in the transaction. It eliminates the involvement of any third party. Besides a high level of privacy, there is also a good amount of transparency. The blockchain systems make the use of valid ledger and the transactions are completely auditable. The ledger is also unforgeable and indelible. Also, the system would accept entries only if they are validated by the system. If a need arises to change it, every other blockchain will have to be changed. This makes it an impossible task to delete a blockchain transaction. It eliminates fraudulent transactions and also the existing ones cannot be hidden. It simply reduces the need for any audits as they can need significant manpower and resources.
Professional use of cryptocurrency
As more business customers and consumers show interest in cryptocurrency, coin payment options could see an increase. As digital currency is non-governmental, it can be considered as international. It simply means that businesses around the world can see a rise in the list of their global clients. The best part about cryptocurrency is that there are no transaction fees or exchange rates across the borders. This makes it one of the best ways to conduct business globally. In recent times, B2C businesses, B2B organizations and a handful of professional service companies have made use of cryptocurrency. This trend can be expected to change for good as people begin accepting cryptocurrency. Even in the sports betting world, cryptocurrency is making a headway and stake hunters can be the best example of it.
Use of cryptocurrency in CSR
Blockchain cryptocurrency can help convert CSR initiatives to a liquid asset that can be reported in the media by business leaders. Sustainable development is one of the focus areas of blockchain. The technology allows the safe delivery of digital information. In the blockchain, each block of data is verified public ledger and later decentralized and distributed. Initiatives can be tokenized with the help of blockchain technology which can be further traded on controlled securities exchanges. It can further help people buy or sell sustainable goods or donate for the causes that are close to their hearts.
Blockchain and cryptocurrency do have these positive aspects that can help people put more faith in businesses and their CSR initiatives. Terms like transparency, authenticity, security, immediacy, which are associated with blockchain and cryptocurrency, only add more credibility to its application and benefits in the CSR sector.