How Blockchain Supports Ethical Business Practices

Many major successful brands run with common unethical business practices, yet there are many buyers. Why?

The ugly truth is that majority of the consumers don’t care if they’re being lied to with misleading product or service information, as long as the user experience makes them feel good, look good and or happy. Are you perhaps, unconsciously, one of these buyers?

There is however a shift with the Gen Z and the Millennial population, who are more conscious consumers. We are heading the right direction one step at a time.

And through the emerging blockchain technology, more ethical businesses will be able to come to the forefront:

Blockchain can help combat disinformation.

It can’t solve everything, but given an example in the food supply chain, it has the potential to verify origin, quality, fair trade, ethical sourcing and improve traceability.

Blockchain can help combat unfair competition.

Through better and more secure data management, the data remains intact which can minimize defamation of a competitor, misappropriation of their trade secrets, and trade mark infringement.

Blockchain can help combat mistreatment of employees. 

Some apps use blockchain technology to allow employees to document and report workplace harassments on their smartphones, this could extend to other mistreatments in a workplace (i.e. discrimination, unfair pay etc.).

Blockchain can help combat frauds or manipulation.

Leveraging blockchain can improve internal control to avoid companies tweaking their financial reports to show inflated profits and lowered depreciation to investors, lenders or consumers.

Moreover, blockchain technology is purposeless without conscious stakeholders (consumers, employees, investors, suppliers, governments). Though, business leaders who want to create a better tomorrow, can now leverage emerging technology to share transparency of its ethical business practices.

WemanConnect helps you link its company’s growth strategies with a social value. It doesn’t matter what stage you are at or what budget you have, provided that you want to drive social change alongside making a profit. Contact us for a free consultation and find out all the possibilities.