With OpsChain on Ethereum, EY marries tokenization and CO2

The firm EY invites the blockchain and the tokenization in the universe of CO2 emissions monitoring and the traceability of carbon credits by launching EY OpsChain ESGfor the moment in version Beta.

Can blockchain serve positive impact projects? Many are demonstrating this in the field ofenvironment. Two recent examples: the PoCR blockchain of Crédit Agricole or the use of the Veritree platform by Samsung as part of a reforestation plan in Madagascar.

The EY firmwhich already offers technological services based on this technology via its SaaS platform EY BlockchainEY Blockchain, introduces a new product focused on the environment. Still in Beta version, it is aboutEY OpsChain ESG.

Read:  Multichain shut down after Fantom, Moonriver and Dogechain bridges hacked

A trusted platform for traceability

Built on the Ethereum network, the application aims to provide “a single, verifiable view of CO2 emissions “. EY thus responds to a sensitive issue for companies, which “struggle to accurately measure and track their carbon footprint,” according to the announcement.

For its designer, the blockchain service also meets the need to transparency consumers, business partners and regulators. On this point, EY’s argument is to provide “a trusted platform for the traceability of emissions and carbon credits “.

And to fulfill this role of trusted third party within an ecosystem, the company therefore relies on the tokenization.

By tokenizing product emissions, EY OpsChain ESG enables companies to clearly understand their CO2 positions, helping them make more informed decisions in their ESG journey,” EY says.

Standardized, validated and verifiable ESG data

For the calculation and monitoring of these emissions, the firm relies on the standards of theInterWork Alliance for Carbon Emissions Tokens. The operation of the application guarantees in principle the unalterable nature of the provided reports on current emissions.

Read:  Bitcoin ETFs are a hit with investors

In addition, the compiled data is “independently verifiable through the integration of key emissions data validators.” Finally, the solution must allow users to prove “ the authenticity of carbon offsets used to reduce their environmental impact “.

By using carbon credit tokens, created or obtained in the marketplace, companies can now have visibility into their actions towards decarbonization,” notes Paul Brody, EY Global Blockchain Leader.

Carbon credits, a topic for the French Carbonable

With net-zero targets under more scrutiny than ever, our new solution offers companies the ability to present their organization’s ESG story on a trusted digital platform,” adds Sam Azad, EY OpsChain ESG product owner.

A French Web3 startup, Carbonable, makes the same point. Thanks to its blockchain platform dedicated to carbon offset management, it raised €1.2 million in March from La Poste and Ethereal Ventures.

The hexagonal startup tokenizes carbon credits in NFT format with the aim of improving the costs, security and transparency of investments. Its ambition: to allow companies to manage their carbon contributions with the same efficiency as their operations.

Follow Corners.en on Twitter, Linkedin, Facebook or Telegram to not miss anything.

The Best Online Bookmakers April 19 2024

BetMGM Casino

Bonus

$1,000