Blockchain technology and corporate social responsibility reporting: A symbiotic relationship for enhanced transparency, trust, and governance

In a time of increased corporate accountability, the integration of blockchain technology into corporate social responsibility (CSR) reporting presents a revolutionary option. This paper examines the efficacy of blockchain in improving trust, transparency, and accountability in CSR reporting, while addressing the shortcomings of conventional techniques. By employing a structured decision-making framework and analyzing existing literature, we assess the potential of blockchain to revolutionize CSR reporting, focusing on its immutability, transparency, and decentralized nature. The findings indicate that blockchain technology, especially permissionless public blockchains, is particularly advantageous for CSR reporting, as it provides a shared, unchangeable database for various stakeholders with possible trust concerns. Recognizing the ongoing significance of current stakeholders such as governments and standard-setting bodies, we suggest that blockchain can function as an integrative platform, redefining their roles and alleviating their limitations. This research enhances the existing literature on blockchain applications in CSR reporting, emphasizing its capacity to cultivate trust, generate beneficial social and environmental outcomes, and encourage sustainable business practices.