Blocery is exploring the application of blockchain technology to the ESG field
Dear Blocery community,
We are excited to introduce you to the new era of Blocery development. Blocery is exploring blockchain application models in the ESG field, a blockchain based protocol that can link users and supply chain organizations on ESG status and a more sustainable environment. We look forward to starting the exploration and development of this protocol in 2024.
What is ESG?
ESG, representing Environmental, Social, and Governance, boasts an extensive framework applied to assess a corporation’s operations and societal impact. It functions as a set of criteria that investors, stakeholders, and organizations utilize to review a company’s sustainability and ethical practices. Previously, only a select few were cognizant of ESG, but today, it is garnering increasing attention.
E — Environmental: Reflects a company’s accountability and sustainability pertaining to the environment. It focuses on elements like curbing carbon emissions, resource proficiency, energy usage, waste management, and effect on ecosystems.
S — Social: Refers to a corporation’s influence on society, encompassing aspects like employee well-being, community engagement, customer care, human rights safeguarding, and social initiatives. It emphasizes fostering inclusive workspaces and bolstering local communities.
G — Governance: Indicates a corporation’s management and governance structures. It encompasses aspects like internal controls, ethical business practices, board impartiality, shareholder protection, ensuring ethical behavior, and conformance with laws and regulations.
Additionally, as the supply chain aspect becomes increasingly transparent regarding disclosure of the ESG development status, the public has access to review the data and achievements attained by companies in their endeavors or endeavors to achieve the ESG goals.
What’s the Blocery solution for ESG?
Blocery is diligently working on a blockchain based protocol that can link users and supply chain organizations on their ESG status. Blocery aims to provide data, certification, and services for organizations, users, and suppliers in the supply chain.incentive
Organizations can disclose their blueprints on the Blocery platform and mint their own ESG certificates, which signifies their achievements and commitment towards the ESG objective. If the commitment is fulfilled, they are required to send some BLY tokens to the smart contract and may redeem them upon attainment of the goal.
Users can validate those organizations’ ESG certifications and specifics from Blocery. As Blocery also utilizes big data technology to collect information about those organizations regarding their ESG reports. Users may also mint their own digital certificate to express pro-ESG sentiments, specifically advocating for environmental conservation as a Blocery (BLY) holder.
For those suppliers with the ESG certificates, the certificates can be used as a distinctive marking on their products to acknowledge and commend their contribution towards preserving the earth’s environment.
Why does Blocery enter in ESG area?
As a new value management model, ESG comprehensively evaluates companies from the three dimensions of environment, social responsibility and corporate governance. At the beginning of its creation, it was based on the logic of reconstructing corporate legitimacy and sustainability, and tried to integrate the environment, society, and governance. The three sustainable elements are closely integrated with capital operation and business operation.
Indices and investment targets based on ESG have become popular around the world. By combining it with blockchain technology, ESG data and standards will have more credibility and social participation.
Blocery will use its experience in the supply chain and blockchain fields to create this innovative business. We look forward to seeing the ESG trend led by Blocery in the future.
