Blockchain Technology Applications in CSR Reporting
Vichandana Bothra, Neha Bankoti · 2024
Blockchain technology can be used in corporate social responsibility (CSR) reporting by providing a secure and transparent platform for companies to publicly report their social and environmental impact. This technology enables companies to store and manage information in a decentralised manner, allowing stakeholders to verify the authenticity of the data. This study attempts to highlight the areas where blockchain technology can be used in CSR reporting. Key areas discussed in the chapter include carbon credit tracking, charitable donations tracking, labour practices, and supply chain management. To this end, first, blockchain technology is introduced. Next, a short discussion on CSR reporting is presented. This is followed by identifying the potential areas where blockchain technology can be used in CSR. Challenges to using this technology in CSR reporting are also highlighted. However, it is found that despite the challenges, the application of blockchain technology in CSR reporting can increase transparency, accountability, and trust in reporting social and environmental impact.