According to a recent report published by the UN, the blockchain is a type of software made up of records of digital transactions that are grouped together into “blocks” of information and shared securely across computers on a shared network. When a new block is added, it is connected or “chained” to the previous block, making it difficult to change past information.
All computers on the shared network retain a complete record of transactions as they occur, representing the entire blockchain. These computers are called nodes. Transactions submitted to a blockchain can only be added and previous data cannot be removed or modified.
Blockchain has three primary use cases: record keeping, transfer of value and automated logic, increasing from the most basic application to the most complex.
Governments, utility companies, and other services providers maintain data related to registration, transaction and record keeping.
In the new data economy, regulatory developments are accelerating, millennials are businesses’ employers and main customers, investors are setting their ambitions higher, and mainstream media are actively writing more and more about Environmental, Sustainability, Governance (ESG) and the increase in ESG “green washing”. Yet, the ESG data provided in organisation’s sustainability reports is often unaudited.
We know that largely organisations want to be doing the right thing.
By providing a verifiable record of who exchanges what with whom and therefore who has what at a given time and its agreed value, we can create greater transparency and assurance for investors and financiers who are seeking investments and projects aligned with their respective ESG investment strategies in support of a low-carbon economy.
Our value proposition is that transparency builds understanding and accountability for a sector's performance through an immutable and independent audit trail of events eliminating "green washing" data from the process which is a good thing for building public confidence and trust.
The result is a more open, transparent and publicly verifiable independent system of record.
Blockchain will fundamentally change the way we think about exchanging value and assets, enforcing contracts, and securely sharing data.
Since delivering our first Proof of Concept in 2016, we have seen the technology mature, the global effort to agree on standards, and the shifting of digital transformation to the mainstream.
The common theme that links our use cases is that we break down data silos that often plague organisations enabling different organisations that may not trust each other access the same information seamlessly. The result is increased efficiency and reduction on costs to businesses, and improving the customer experience through building confidence in the data and trust in the transaction.
During the design phase of the project we work with our customers to identify business goals and set a time schedule for development.
After the successful completion of a project, the next phase is the technical delivery of a demonstrable product. This often involves a complex series of “sprints” as well as multiple stakeholders.
Platforms establish a third-party application marketplace to accelerate service delivery and to encourage innovation.
Blockchain is a powerful tool that can help organisations achieve their objectives if used effectively.
As we see more and more governments globally learning to use the technology, Civic Ledger can help them explore ways to strategically integrate blockchain into its business functions in order to maximise its benefits and avoid potential pitfalls.