Enhancing Sustainable Development Through Blockchain: A Study on Risk Management and Data Integrity
Özden Şentürk, Ali Baghırov · Journal of Organizations Technology and Entrepreneurship · 2023
In the realm of sustainable development, the integrity and transparency of data play pivotal roles.This study investigates the utility of blockchain technology in augmenting the monitoring and auditing facets of sustainable development initiatives.It is posited that blockchain's inherent attributes-namely its robustness in ensuring data integrity and fostering trust-hold substantial promise in enhancing environmental performance and informed decision-making.Specifically, applications in environmental impact reporting and supply chain management are examined.The findings suggest that blockchain technology can significantly contribute to these areas by offering unprecedented levels of transparency and reliability in data handling.However, the potential of blockchain is not without its challenges.The study underscores the imperative of addressing network security and data privacy concerns.It is argued that effective governance structures and risk management strategies are essential to fully leverage the benefits of blockchain, whilst concurrently mitigating inherent risks.The integration of blockchain into risk management processes notably impacts environmental, social, and corporate governance (ESG) objectives.A critical analysis of the risks associated with blockchain-based processes is conducted, culminating in the development of strategic recommendations aimed at minimizing these risks.The ultimate goal is to bolster corporate effectiveness, efficiency, and yield cost benefits through the deployment of secure and reliable blockchain solutions.The study posits that the judicious integration of blockchain technology can lead to substantial improvements in organizational performance, particularly in the context of sustainable development.Emphasis is placed on the need for continual analysis and refinement of risk management strategies in the evolving landscape of blockchain technology, to ensure that its application remains both impactful and responsible.