Why we need transparency?
It has been a very common practice for businesses to ensure they get the biggest handout at the end of the day and hence leaving the community which plays an instrumental role towards a businesses’ success in the lurch. The investors are not rewarded in real time and in most cases are responsible for the disintegration of the community. Usually, the decisions pertaining to payout and the dividends are taken by C-suite executives who generally have their own interest in mind while taking these sort of decisions.
We are at a point where the need of the hour is transparency in business, where the various stakeholders or the community in large are considered to be vital cogs in the system and their contribution are recognized and they must be rewarded for the inputs and information they provide on a regular basis. Organizations and companies should strive to get the stakeholder community involved at large especially when handing out the rewards and benefits to build trust and bond in the community. This relationship can go a long way and can be leveraged by organizations for their benefit and reach a situation which is win-win for both the sides. However, organizations have not yet realized this or have just started realizing it and more efforts are required by them to try and build a community which believes in the mission and end goals of the company. Such an Organization is capable of crowd-sourcing insights and information that can be harnessed by others and grow simultaneously.
The best way to enable transparency in the system and where stakeholders are able to feel that the higher management is not taking advantage of them is to use a technology which is known to foster openness and transparency. Blockchain technology helps achieve these goals to a large extent as it facilitates transparency and acceptability. All the financial and business records are open and available on Blockchain which helps in scrutiny and verification. The community is well versed with what is happening in the system and be informed of any transaction that takes place on the Blockchain.
Blockchain has been a revolution when it comes to transparency and verification. The transactions are open to public which helps in making sure that no one feels shortchanged as everyone has access to information and data pertaining to transactions taking place. The biggest advantage of Blockchain and crowdsourcing applications based on it is that it will allow the benefits to pass to the rightful stakeholders and there will be fair distribution of wealth which in turn can be leveraged by these platforms to grow a community which is more trusting and faithful.
To end this article, we just want to reiterate that businesses have to be cognizant of the fact that bringing back humanity to business is far more rewarding for the overall health of the community and make efforts to pivot from its current way of functioning or start operating in a more inclusive way.