Blockchain Technology

Blockchain technology is in fact a public ledger that gathers data in a chain of blocks, which gradually improves security, trust, transparency, quality, decentralization, and immutability while operating businesses. In the present scenario of business, the organization is not only concentrating on improving the activities related to operational aspects, but it also needs to meet the expectations of various stakeholders. Corporate social responsibility (CSR) is such a concept which facilitates the organization to cater the information related to various social and environmental concerns arising out of the business operations. It is now the liability on the part of the organization to communicate these CSR-related concerns in such a way that they effectively meet the expectations of stakeholders. CSR communication has become an integral part of the organization’s marketing strategy not only through the rise of public awareness on environmental and social issues but also because there is a demand for the correct use of CSR communication. However, organizations face difficulties in their CSR activities and actions, and due to this challenging situation, there is a rampant need for a solution. Blockchain is one of the most rewarding technology because it stores and records information in such a way that it makes it practically impossible to change or cheat the system. In fact, blockchain provides the desire transparency, traceability, decentralization, and accountability that CSR communication lacks recently. Therefore, this study identifies those common difficulties of CSR communication based on a literature review and proposes implementing blockchain as a solution for these problems. Finally, the objective of this study is to investigate what are the common problems or difficulties in CSR communication, and furthermore, what are the usefulness and benefits of blockchain, and could these benefits really overcome the identified difficulties?