Book Title: Shaping the Future: Innovation, Sustainability, and Inclusive Growth in a Globalized Economy
Editors: Editors: Dr. Shanu Singh, and Dr. Yashmita Awasthi
Student Editor: Krishna Singh Rawat
ISBN: 978-93-7183-006-5
Chapter: 22
DOI: https://doi.org/10.59646/725/22
Authors: Saurabh Prasad, Shreshtha Nigam, and Grisha Soni
Abstract
The swift development of blockchain technology, once known primarily for its application in cryptocurrencies, has opened new avenues for increased transparency and accountability in business operations, particularly in the sustainability-focused industries. A decentralized, unalterable ledger system, blockchain provides secure and transparent recording of data, extremely useful in the complex global supply chains of the contemporary era. While transparency and accountability have been long-standing issues in the operations of a company, the unique characteristics of blockchain hold out the potential for satisfying solutions, particularly in industries that value traceability, ethical sourcing, and environmental stewardship, such as agriculture, manufacturing, and retail. Blockchain is widely praised for its potential to revolutionize business processes by providing data integrity and a credible chain of custody for different types of data. This is particularly important in the case of sustainable business practices, as the demand for transparency is increasing from both regulators and consumers.