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Frequently Asked Questions

What is Blockchain and why is it so compelling?

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” – Don & Alex Tapscott, authors Blockchain Revolution (2016).

How does Blockchain work?

Records in blockchain are stored in multiple ledgers in a distributed network instead of one central location. This prevents a single point of failure and secures records by protecting them from potential damage or loss.

What are the benefits of Blockchain?

Top five blockchain benefits transforming your industry

  • Greater transparency. Transaction histories are becoming more transparent through the use of blockchain technology. …
  • Enhanced security. There are several ways blockchain is more secure than other record-keeping systems. …
  • Improved traceability. …
  • Increased efficiency and speed. …
  • Reduced costs.

What are the main advantages blockchain brings to procurement?

There are 4 major advantages blockchain brings to procurement.

  • Firstly, it is anti-centralisation and peer-to-peer technology allowing for cheaper purchasing through disintermediation.
  • Secondly, distributed ledger technology (DLT) brings transparency to sustainability in the supply chain.
  • Thirdly, tokenization and cryptocurrency gives the ability to align the reward and values of the supplier with its own vendor values.
  • Finally, the integration of AI with blockchain smart contracts allow for seamless automation of sourcing and procurement against a predetermined set of rules compliant with the organisation’s strategy.

What is a Token?-

A token is a utility, an asset or a unit of value issued by a company.

What is a Utility Token?

Utility tokens are simply user tokens. They enable future access to the products or services offered by a company and can be used to purchase a good or service offered by the issuer of the token.

What is social responsibility and socio-economic impact?

In corporations, social sustainability performance issues include human rights, fair labor practices, living conditions, health, safety, wellness, diversity, equity, work-life balance, empowerment, community engagement, philanthropy, volunteerism, and more. Whereas socio-economic impact is the impact of doing business within the community.

What are the Sustainable Development Goals?

The Sustainable Development Goals (SDGs) are a global agenda, adopted by countries in 2015, with a vision of ending poverty, protecting the planet and ensuring that all people enjoy peace and prosperity. … The goals and targets are universal, meaning they apply to all countries around the world, not just poor countries as well all corporations small or big.

For more visit https://www.un.org/sustainabledevelopment/