
Professional services provider Ernst & Young (EY) said it has rolled out the beta version of a blockchain platform that allows enterprises to keep tabs on their carbon footprint. Built on Ethereum, EY expects the platform to help its enterprise clients tokenize their products’ CO2 emissions (CO2e).
EY Plans to Tokenize Products’ Emission
EY, a UK firm providing professional services, announced on Wednesday the launch of EY OpsChain ESG – a blockchain-based platform that enables enterprises to track and measure their CO2e. The solution, built on the Ethereum blockchain, is currently available in beta version on the EY Blockchain SaaS platform.
The EY OpsChain ESG platform “will also provide consumers, business partners and regulators with the transparency they demand via a trusted platform for emissions and carbon credit traceability within an ecosystem through the use of tokenization,” EY said in the press release.
Additionally, by tokenizing products’ emissions, the platform provides enterprises with clear insights into their carbon footprint, allowing them to make better-informed decisions on their future environmental, social, and governance (ESG) journey. EY OpsChain ESG is built in line with the standards of InterWork Alliance for Carbon Emissions Tokens, enabling businesses to issue immutable reports on their current CO2 emissions. Ultimately, the platform also allows enterprises to “demonstrate authenticity of the carbon offsets” used to lower their impact on their environment as they cut their CO2e.
Why are Enterprises Tapping Blockchain and DLT Technologies to Track CO2e?
EY’s latest product is the latest example of how enterprises continue to tap blockchain technology to track their CO2 emissions and credits and other parts of their workflows.
Thanks to the decentralized and transparent nature of the blockchain and distributed ledger technology (DLT), enterprises can create a secure and unchangeable record of their emissions data, allowing for greater accountability and transparency in their ESG efforts. This makes it easier for companies to meet regulatory requirements, reduce their carbon footprint, and build trust with stakeholders by demonstrating their commitment to environmental sustainability.
Meanwhile, blockchain-related firms are also making efforts to trim their carbon footprint. A recent study by Forex Suggest showed that Ethereum’s CO2 emissions fell to 8,824 tons from 21.95 million tons in just a year, mainly due to the Merge upgrade in September that moved Ethereum from the proof-of-work (POW) to the proof-of-stake (POS) model.
This article originally appeared on The Tokenist
In 20 Years, I Haven’t Seen A Cash Back Card This Good
After two decades of reviewing financial products I haven’t seen anything like this. Credit card companies are at war, handing out free rewards and benefits to win the best customers.
A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges.
Our top pick today pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.