The corporate ecosystem at present time is assumed to have a social character with an added responsibility and moral duty towards the environment, society, and community within which it operates. There are also some rating and reporting systems that are encouraging companies to get better ratings to attract bigger investors.

Environmental, social, and governance (ESG) reporting initiatives have been making noise for the last 8–9 years. In this matter, companies, organizations, and the government are investing huge money.

ESG reporting has become mandatory for large firms in many countries, but it also has some challenges and blockchain has the potential to help deal with the many headwinds to keep ESGs from having an impact otherwise.

A common example of issues with ESG reporting is the argument that carbon emissions reporting makes — even endeavours to establish frameworks and guidelines around the issue are often encountered with severe controversy and pushback.

Digitization and automation are in trend and with us for decades, but the blockchain is perhaps the highest-profile expression of these trends over the past decade.

Sustainability reporting, and a focus on corporate governance, are also not something that is latest. Organizations across industry lines have been reporting different types of non-financial data for decades. This means that these technologies permeate the organizational management and reporting landscape.

Economic and social imbalance, anxieties about human rights abuses around the world, and the demand for sufficient governance frameworks to handle these problems have created an ideal environment for blockchain to join the conversation.

We are listing some of the specific issues and pain points related to ESG reporting that continuous blockchain integration can help solve.

Supply chain traceability

Data is often described as the lifeblood of organizations in the present and future, and keeping the eyes on where that data is being processed, analyzed, and stored is an important issue. Whether it is the potential for hacks, breaches, misuse, abuse of the data, theft of intellectual property, etc, the issues are almost endless.

Securing business decision-making information at all layers, along with helping reduce the risk of conflict minerals and human rights abuses, is one area in which blockchain can provide quantitative value.

Standardized ESG reporting

The lack of globally applicable reporting and compliance standards for ESG and other sustainability information is one of the biggest issues with ESG reporting. Blockchain reporting frameworks and standards can help in increasing transparency and consistency and it will improve the usefulness of all the data and information.

Smart city development

Grown digitization and the sync of infrastructure will be an essential part of the global economy of the 21st century and assuring that all the developments create opportunities for every section of society is arguably more important than the development itself.

For growth and the associated benefits, as promised, there must be confidence in both the technology and the insights generated by these technologies.

Integration of Blockchain with sustainable infrastructure can be beneficial in many ways. Some of the major ways are decentralization of infrastructure funding, emissions certification, and better use of existing infrastructure assets.

Blockchain is one of the fastest-growing technology. It is most commonly associated with crypto — but the potential of this technology far outpaces the crypto asset space. Many knowledgeable people who don’t have trust in cryptos are in favour of blockchain adoption.

Meet RICHMINT DAO : A Revolutionary ESG focused blockchain Platform

The RICHMINT DAO platform aims to focus on companies that are ESG compliant, and aspire to be the market leader in providing decentralized blockchain solutions, to various stakeholders in the energy ecosystem. The platform is designed to help ESG conscious stakeholders reach the limitless possibilities in the DEFI world.

RICHMINT DAO has drawn up a detailed roadmap to facilitate businesses in ESG compliant sectors including Energy, Healthcare, Pharma, Agri-commodities, and more. Check the website, whitepaper and participate in the token sale.