Could Blockchain Technology Revolutionize ESG Compliance?
These days, mind-boggling technological feats seem to be an almost daily occurrence; in a mere twenty years, we’ve seen unprecedented levels of innovation and growth, moving from the era of data storage rooms and floppy disks to metaphysical cloud computing and global interconnectivity at the click of a button. For some, the development of tech has been terrifying, for others, wondrous. Along the way, we’ve seen ups-and-downs on a global scale, and we’ve watched new ideas rise before swiftly crashing and burning; there have been fads and gimmicks and unrealistic expectations as well as promises across the board.
In 2009, the world was introduced to yet another idea that fell into that latter category: Bitcoin. The first-ever cryptocurrency ─ which promised to challenge and even replace traditional currencies, resource-backed currencies. Bitcoin was laughed at and, for the most part, ignored by the mainstream. But get this… When the cryptocurrency opened on the markets, a person could purchase a single Bitcoin for as little as $0.0008, and just last week, the price surpassed $61,000 ─ you can do the math, and I can tell you that this new alternative was far from a “fad.”
From Bitcoins success, hundreds of altcoins have arisen, and the blockchain technology ecosystem has been created off the back of its revolutionary cryptography. Blockchain technology is a complex method of storing information, and sharing is between different parties. In its rawest form, we can best describe it as a “distributed ledger” technology. This is an environment in which transactions of any kind are both immutable and publicly visible, leading to a much more transparent system that ensures accountability across, in the case of global trade, the entire value chain, courtesy of a peer-to-peer, decentralized network.