Demonstration of the CoSoRes platform
January 31, 2018—A Norwegian and Bulgarian software company are working together on a web platform that aims to change how companies handle corporate social responsibility.
Today, businesses understand and acknowledge their role in society. Studies show that social investing—when a company invests in the community and environment that surround it—can create significant tangible and intangible returns in the long run.
The Corporate Responsibility Landscape the European Union (EU)
That is why most European businesses already dedicate financial, human, and/or other resources to CSR initiatives. Statistics show that, of the $15 billion USD spent on CSR each year, approximately 20% is spent in cash (Source: Financial Times). Companies spend about $3 billion USD per year on CSR initiatives. But are companies spending their CSR budgets on projects that can actually make an impact on the communities and environments that surround them? Studies show that most companies have problems with formulating or implementing their CSR projects for a number of reasons. Some are lack of consensus among managers and staff. Others are lack of knowledge and capabilities for CSR as a business function.
Corporate Responsibility Budgets Meet Social Good Initiatives
Called CoSoRes, the platform creates an open and participative environment where companies with corporate social responsibility budgets meet with active citizens, social entrepreneurs, and non-government organizations. A key assumption behind the CoSoRes concept is that these budgets can be spent in a better way. More precisely, in a way that creates more transparency and efficiency.
CoSoRes helps companies, large and small, to select from a wide choice of social good initiatives that need funding. These initiatives are formulated and implemented by individuals or organizations from their local community. On the other hand, the people and organizations behind social good projects can apply for funding from the dedicated CSR budgets of their local businesses from one easy-to-use platform.
Cloud Hosted, Blockchain Powered
The platform uses cutting-edge technologies to ensure transparency and scalability. It uses blockchain and the Ethereum distributed ledger to make transactions on the platform secure and traceable by regulatory bodies or external stakeholders. On the other hand, it makes use of the Microsoft Azure cloud computing platform and services to ensure optimal scalability.
On January 31, 2018, a demonstration of the platform’s concept and interfaces was held at the ICB office on 7, Indze Voivoda Str., in Sofia, Bulgaria, in front of representatives of technology companies interested to become early adopters of the CoSoRes platform. The overall feedback from the attendees was positive. Their interest to participate in the platform, once it enters the market, was confirmed.