NaturesCoin build expected to be completed by the end of 2018 Ian Jones describes corporate social responsibility funding as a ‘grudging obligation’ that, as it currently stands, achieves very little apart from being an exercise in good PR. Jones is the executive director of NaturesCoin, a startup building a blockchain that he says will create a new investment class to fund environmental projects – effectively turning corporate social responsibility from a cost to a tradeable asset on a company balance sheet.
“Corporates are stuck between a rock and a hard place where they are being pushed by stakeholders – particularly ethical funds and investors and the rising consumer market into doing social good with their capital,” Jones told CIO Australia. Brisbane-based Jones and Hamish Macdonald – who is also a director of Bundaberg Hemp Foods in Queensland both have extensive experience ‘bootstrapping’ early stage tech companies.
They established NaturesCoin last November and expect to have the blockchain build complete and ready for launch by the end of this year. Jones believes that the United Nations is relying heavily on the participation of the private sector capital markets to achieve its sustainable development goals.
“As the market is currently structured in terms of transparency and returns on investment and tradeability of its assets, it isn’t really geared towards that. And so clearly that’s a problem under the current system,” he said.
NaturesCoin has created a ‘four-tiered’ economy that connects people, corporations, governments, NGOs and institutions on one platform, which Jones claimed has never been done before. He said NaturesCoin is not a narrow-focused, “standard old Ethereum blockchain with a cryptocurrency sitting on the top.” “This is a broad-based economy with all the layers of activity and data that flows within that,” he said. Read more from cio.com.au…
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