How can blockchain be used to support sustainable business practices?

Today’s ecosystem for sustainable business practices is fragmented, uncoordinated, and incomplete. Many companies offer sustainability products on the market, but there is no efficient way to share information about best practices with each other. This makes it difficult for companies on the market to understand possible partnerships and synergies between them. It also makes it difficult for companies to understand which products and services are relevant for their operations. In addition, there is no efficient way for stakeholders in this space to measure how the businesses on the market perform about sustainable business practices.

With a decentralized system where all information can be shared, accessible and transparent it will be much easier for different actors in this ecosystem to connect and develop synergies with each other. This will create a healthy and dynamic marketplace where companies can efficiently find partners that help them implement sustainable practices within their operations. In addition, the collection of information into one system will make it easier for academics, regulators, and NGOs to get an overview of how well different actors perform on sustainable business practices on the market. This system will act as a backbone for the sustainable business activity on the blockchain, and thereby support sustainable development goals (SDG) Five (5) to Nine (9).

Elements of the Sustainable Business Blockchain System:

The Sustainable Business Blockchain System consists of three different layers; the data layer, the application layer, and the legal layer.

Data Layer: The data layer will be a decentralized registry of all information on sustainable business practices on the blockchain. In the initial iteration, the system will only have one element on this layer which is a decentralized registry of companies performing sustainable business activities. This way it will be possible to get an overview of the companies on the market and who they are. This information will be available for everyone to access, thereby creating an efficient way for all actors in this space to find partners that help them implement their goals.

The data layer will be a decentralized registry of all information on sustainable business practices on the blockchain. In the initial iteration, the system will only have one element on this layer which is a decentralized registry of companies performing sustainable business activities. This way it will be possible to get an overview of the companies on the market and who they are. This information will be available for everyone to access, thereby creating an efficient way for all actors in this space to find partners that help them implement their goals.

Application Layer: The application layer will consist of different modules that can be integrated into, for instance, ERP systems to make the information on sustainable business practices available for all actors in an easily accessible way within their operations. This will be a way to open up the information for each type of actor in this space.

The application layer will consist of different modules that can be integrated into for instance, ERP-systems to make the information on sustainable business practices available for all actors in an easy accessible way within their operations. This will be a way to open up the information for each type of actor in this space.

Legal Layer: The legal layer will consist of different mechanisms to ensure that the data in the registry is correct and up-to-date. This layer will be a way to ensure that everyone can trust this information, which is important when it comes to transparency and openness.

The Sustainable Business Blockchain System will consist of three different layers that together create a sustainable information ecosystem where actors within the blockchain businesses can easily access, update and use information on sustainable business practices. The implementation of the system also creates an efficient way for academics to get access to all necessary data to measure how well these companies are performing with their efforts to produce sustainable business practices. This information will also be of great value for NGOs and regulators as it reduces the time and effort to assess each actor on their market environment after reports about problematic issues within some companies have been brought forward.

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