mart cities’ success and functioning depend on technologies like blockchain because it provides a transparent platform for various stakeholders to come together. Nonprofits, enterprises, individuals and governments can use smart contracts, NFTs, dApps, and other blockchain applications to strengthen social and environmental sustainability, promote greater inclusion, and work towards the common good.
For individuals and enterprises working towards financial inclusion and environmental justice, blockchain provides endless possibilities to make a positive social impact — starting by creating a stronger connection between the stakeholders, building trust, and readily showing the impact of the actions they take.
In smart cities especially, with numerous stakeholders, any effort related to social change entails efficient data exchange and delivery. Blockchain makes this possible. Any participant on the network can share data transparently and reliably without it being controlled by any central authority. Blockchain becomes an accurate and trustworthy source of information because its records can’t be edited.
Not only does blockchain provide a distributed and decentralized platform where residents, brands, and governments can interact transparently, but it keeps immutable records of all the decisions made and the work done jointly. This also means that brands can publicly show their ESG work and prove their actions toward social and environmental justice.
Social sustainability in smart cities should be inclusive and allow everyone to take collective action. Blockchain provides that platform by fostering trust, transparency, security and reliability. It can play a role in governance, voting, and collaborative decision-making within a local community project, a brand initiative, and nonprofit or government work.
Blockchain makes administration public, efficient and able to deliver more opportunities to all community residents. Brands, for example, can use smart contracts to fund community projects, track who participated from the community and among their employees, and issue NFTs that gain value with every action they take. Using this open, secure, and transparent system, brands can remain accountable, and so can individuals taking social action.
Many companies are already using blockchain to track their carbon footprint instead of recording manual data across their supply chains. This is giving brands a level of transparency and accountability and providing them the opportunity to do better — both of which are helping strengthen their value in front of environmentally-conscious consumers and investors.
However, as yet, there’s a considerable gap when it comes to the “S” in ESG. Enterprises can use blockchain technology to bring similar levels of transparency and accountability to their social sustainability projects. By tracking their own efforts and those of their collaborators, investing in social impact projects and supporting individuals and activists working to build better local communities, enterprises have a remarkable opportunity to increase their brand value and awareness.
Rabble is a blockchain-enabled social impact platform specifically built for individuals, activists, nonprofits, brands and governments to come together, take collective action, and improve their communities while implementing social sustainability. Learn more about us here.
Source:
- https://www.forbes.com/sites/servicenow/2022/04/08/could-blockchain-be-sustainabilitys-missing-link/?sh=28758d993d50
- https://www.accenture.com/in-en/services/blockchain/blockchainforgood-index
- https://chain.link/use-cases/social-impact
