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Frequently Asked Questions
“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).
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.
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.
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.
A token is a utility, an asset or a unit of value issued by a company.
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.
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.
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/