IDEAS home Printed from https://ideas.repec.org/a/apb/jahsss/2019p138-151.html
   My bibliography  Save this article

Blockchain technology enabling sustainable development verification and approval

Author

Listed:
  • Ben D. Radhakrishnan

    (National University, Department of Engineering and Computing, San Diego, CA)

  • Bhaskar R. Sinha

    (National University, Department of Engineering and Computing, San Diego, CA)

  • Ronald P. Uhlig

    (National University, Department of Engineering and Computing, San Diego, CA)

Abstract

World corporations demonstrate good world citizenship responsibilities through their Corporate Social Responsibility Reports (CSRs) also referred to as World Citizenship Reports or Sustainability Reports). Most US S&P 500 corporations complete their annual CSRs. Two common methods of distribution of these CSRs have been through their websites and submission to Global Reporting Initiative (GRI); an independent international organization since 1997). The goal of a corporation’s CSRs is to demonstrate how its operations are moving towards balancing environment, economics, and equity (or social justice)–commonly referred to as the 3 Es. CSR submission to GRI is voluntary and there is generally no independent verification and approval of the submitted CSR. Investors, shareholders, consumers, and government regulatory agencies are interested in the accuracy of corporations’ sustainable operations data (energy efficiency, CO2 emissions, recycling, fair wages, etc.). GRI has concerns about the accuracy of CSR data and is interested in verified data and reports. The emerging Blockchain technology offers some unique features that can be applied to verify and approve sustainability development methodologies and metrics of a corporation’s operations as it relates to the 3 Es. GRI can be one of the partners in the process and thus enhancing the trustworthiness of the reports submitted. This research discusses how Blockchain features, such as, distributed database, members’ verification and approval, security, etc., can enable sustainable development’s data verification and accuracy. This can apply to public, private, and other non-business operations (e.g., non-profits). This research also discusses Blockchain technology applicability to supply chain operations (Business-to-Business), thus enabling sustainability effectiveness among businesses. There will be pros and cons during implementation of any new technology. This paper discusses some of these and projects what the future might look like using this technology for sustainability. Key areas of current implementations are also analyzed.

Suggested Citation

  • Ben D. Radhakrishnan & Bhaskar R. Sinha & Ronald P. Uhlig, 2019. "Blockchain technology enabling sustainable development verification and approval," Journal of Advances in Humanities and Social Sciences, Dr. Yi-Hsing Hsieh, vol. 5(3), pages 138-151.
    • Handle: RePEc:apb:jahsss:2019:p:138-151
    DOI: 10.20474/jahss-5.3.4
    as

    Download full text from publisher

    File URL: https://tafpublications.com/platform/Articles/full-jahss5.3.4.php
    Download Restriction: no
    File URL: https://tafpublications.com/gip_content/paper/Jahss-5.3.4.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.20474/jahss-5.3.4?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. World Commission on Environment and Development,, 1987. "Our Common Future," OUP Catalogue, Oxford University Press, number 9780192820808.
    2. Adrian Wai Kong Cheung, 2011. "Do Stock Investors Value Corporate Sustainability? Evidence from an Event Study," Journal of Business Ethics, Springer, vol. 99(2), pages 145-165, March.
    3. Sylvie Berthelot & Michel Coulmont & Vanessa Serret, 2012. "Do Investors Value Sustainability Reports? A Canadian Study," Post-Print hal-02417765, HAL.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Selena Aureli & Sabrina Gigli & Renato Medei & Enrico Supino, 2020. "The value relevance of environmental, social, and governance disclosure: Evidence from Dow Jones Sustainability World Index listed companies," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(1), pages 43-52, January.
    2. Julia Lackmann & Jürgen Ernstberger & Michael Stich, 2012. "Market Reactions to Increased Reliability of Sustainability Information," Journal of Business Ethics, Springer, vol. 107(2), pages 111-128, May.
    3. Maria del Mar Miralles‐Quiros & Jose Luis Miralles‐Quiros & Irene Guia Arraiano, 2017. "Sustainable Development, Sustainability Leadership and Firm Valuation: Differences across Europe," Business Strategy and the Environment, Wiley Blackwell, vol. 26(7), pages 1014-1028, November.
    4. Jose Manuel Diaz‐Sarachaga, 2021. "Monetizing impacts of Spanish companies toward the Sustainable Development Goals," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(4), pages 1313-1323, July.
    5. María Mar Miralles-Quirós & José Luis Miralles-Quirós & Luis Miguel Valente Gonçalves, 2018. "The Value Relevance of Environmental, Social, and Governance Performance: The Brazilian Case," Sustainability, MDPI, vol. 10(3), pages 1-15, February.
    6. Cory Searcy & Ruvena Buslovich, 2014. "Corporate Perspectives on the Development and Use of Sustainability Reports," Journal of Business Ethics, Springer, vol. 121(2), pages 149-169, May.
    7. Akhtar Ali & Imran Abbas Jadoon, 2022. "The Value Relevance of Corporate Sustainability Performance (CSP)," Sustainability, MDPI, vol. 14(15), pages 1-31, July.
    8. Laura Mervelskemper & Daniel Streit, 2017. "Enhancing Market Valuation of ESG Performance: Is Integrated Reporting Keeping its Promise?," Business Strategy and the Environment, Wiley Blackwell, vol. 26(4), pages 536-549, May.
    9. Isabel Lourenço & Jeffrey Callen & Manuel Branco & José Curto, 2014. "The Value Relevance of Reputation for Sustainability Leadership," Journal of Business Ethics, Springer, vol. 119(1), pages 17-28, January.
    10. Kittiya Yongvanich & James Guthrie, 2006. "An extended performance reporting framework for social and environmental accounting," Business Strategy and the Environment, Wiley Blackwell, vol. 15(5), pages 309-321, September.
    11. Peter Roberts, 2002. "The Scottish strategic and spatial context for sustainable development," Sustainable Development, John Wiley & Sons, Ltd., vol. 10(3), pages 131-139.
    12. Maite Cubas‐Díaz & Miguel Ángel Martínez Sedano, 2018. "Measures for Sustainable Investment Decisions and Business Strategy – A Triple Bottom Line Approach," Business Strategy and the Environment, Wiley Blackwell, vol. 27(1), pages 16-38, January.
    13. Mechthild Donner & Anne Verniquet & Jan Broeze & Katrin Kayser & Hugo de Vries, 2021. "Critical success and risk factors for circular business models valorising agricultural waste and by-products," Post-Print hal-03004851, HAL.
    14. Claire Woods & Roger Urwin, 2010. "Putting Sustainable Investing into Practice: A Governance Framework for Pension Funds," Journal of Business Ethics, Springer, vol. 92(1), pages 1-19, April.
    15. Cornelis Leeuwen & Jos Frijns & Annemarie Wezel & Frans Ven, 2012. "City Blueprints: 24 Indicators to Assess the Sustainability of the Urban Water Cycle," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 26(8), pages 2177-2197, June.
    16. Pero, Margherita & Bottani, Eleonora & Bigliardi, Barbara, 2014. "Exploring Sustainability in Construction Supply Chains," Chapters from the Proceedings of the Hamburg International Conference of Logistics (HICL), in: Kersten, Wolfgang & Blecker, Thorsten & Ringle, Christian M. (ed.), Next Generation Supply Chains: Trends and Opportunities. Proceedings of the Hamburg International Conference of Logistics (HICL), Vol. 18, volume 18, pages 161-182, Hamburg University of Technology (TUHH), Institute of Business Logistics and General Management.
    17. Euston Quah, 2015. "Pursuing Economic Growth in Asia: The Environmental Challenge," The World Economy, Wiley Blackwell, vol. 38(10), pages 1487-1504, October.
    18. CHEN, Helen S.Y., 2020. "Designing Sustainable Humanitarian Supply Chains," OSF Preprints m82ar, Center for Open Science.
    19. Jim Butcher, 2006. "The United Nations International Year of Ecotourism: a critical analysis of development implications," Progress in Development Studies, , vol. 6(2), pages 146-156, April.
    20. Milazzo, M.F. & Spina, F. & Cavallaro, S. & Bart, J.C.J., 2013. "Sustainable soy biodiesel," Renewable and Sustainable Energy Reviews, Elsevier, vol. 27(C), pages 806-852.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:apb:jahsss:2019:p:138-151. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Yi-Hsing Hsieh (email available below). General contact details of provider: https://tafpublications.com/platform/published_papers/12 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.