Impact Score

What is Impact Score?

In the pursuit of creating an effective and comprehensive impact measurement tool, Socious has conducted an extensive review of existing impact measurement systems. This literature review outlines the key systems studied and their influence on the development of Socious's proprietary "Impact Score" system.

Impact Score on the Blockchain

Distributed ledger technology will bring transparency to the impact scoring process whilst simultaneously ensuring data privacy and efficiency. Decentralization allows users to control their own data without the need to depend on a centrally organized agency deciding their status based on subjective and obscure processes. People who might otherwise be bankless or ineligible for loans would demonstrate their creditworthiness through sustained good deeds, enabling them to access the resources they need to scale their impact. Another attractive feature of blockchain technology is the security that proof of stake (PoS) offers from hacks and data manipulation. Socious’ open-source and peer-to-peer platform will be subject to rigorous checks and audits allowing users to rest assured that they and their data are safe. To date, there have been numerous examples of hacking incidents, with upwards of 100 million Americans’ personal data being exposed. With the Socious Impact Score, this is a problem of the past.

Framework

The Socious Impact Score draws on existing impact measurement systems in its design, measuring both single and ongoing events. An amalgamation of on-chain and off-chain features will be automatically incorporated into the data layer to allow the score to be calculated efficiently and accurately. This score will be derived from a number of subcategories, each reflecting a different sphere of impact activities. By adjusting the weightings of these impact spheres, ranging from historical achievements to daily activities, we will be able to offer customized data solutions to fit our clients’ needs.