Home Blockchain KPMG unveils blockchain solution to track climate emissions

KPMG unveils blockchain solution to track climate emissions



International accounting firm KPMG has unveiled its blockchain based Climate Accounting Infrastructure (CAI) solution to help organizations measure, report, and offset their greenhouse gas emissions.

CAI uses blockchain to securely store environmental data in a financial system as part of organizations’ climate risk assessments and asset valuations. It aims to help companies meet environmental, social, and corporate governance (ESG) targets.

The solution integrates an organization’s existing systems, including IoT sensors, with external data sources to establish a verifiable trail of emissions and offsets recorded on blockchain.

The accounting giant collaborated with data provenance and tracking providers Context Labs and Prescriptive Data, and blockchain firm Allinfra, on the product. Context Labs enriches emissions data provided by organizations with environmental context, before recording and certifying environmental, operational, and financial information.

According to KPMG’s U.S. blockchain leader Arun Ghosh the use of blockchain means data reports will be disclosed in a transparent and trustworthy manner in order “to meet stakeholder expectations and to comply with emerging regulations.”

“As investors broaden their focus beyond financial factors to include ESG practices, organizations are increasing efforts to reducing carbon footprints, alongside transparent disclosure of progress.”

Organizations will also be able to model the impact of climate risks on business operations and financial performance through real-time environmental data and advanced analytics.

Earlier this year, KPMG predicted that blockchain, in conjunction with Internet-of-Things (IoT), would lead the development of neclimate change solutions around the world.

Other large corporations are also exploring how blockchain can improve reporting capabilities of solutions that track greenhouse gas emissions. Earlier this year, Mercedes-Benz partnered with blockchain startup Circulor to track CO2 emissions. Volvo has also partnered with the startup to develop its own project, tackling the same problem.

Carbonblock has also developed a solution to increase transparency of climate related factors in the Porsche supply chain .



Read orginal here

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,555FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.19
GBP
1.30
CHF
1.11
NOK
0.11
JPY
0.01
CAD
0.76
AUD
0.71

Most Popular

The unluckiest DeFi protocol? A personal take on bZX’s tumultuous year

Decentralized finance platform bZX has frequently been in the spotlight this year, only not for the right reasons. Most DeFi platforms popular today,...

PayPal could launch its cryptocurrency within 12 months – Coinshares CSO

PayPal could launch its digital currency -Meltem Demirors, Coinshare CSOPredicts that this could be in 6 to 12 monthsAn asset manager...
bitcoin
Bitcoin (BTC) $ 12,941.71
ethereum
Ethereum (ETH) $ 410.08
ripple
XRP (XRP) $ 0.253824
tether
Tether (USDT) $ 0.999651
bitcoin-cash
Bitcoin Cash (BCH) $ 270.39
bitcoin-cash-sv
Bitcoin SV (BSV) $ 166.67
litecoin
Litecoin (LTC) $ 56.36
eos
EOS (EOS) $ 2.62
binancecoin
Binance Coin (BNB) $ 30.48
okb
OKB (OKB) $ 4.50
tezos
Tezos (XTZ) $ 2.21
leo-token
LEO Token (LEO) $ 1.25
cardano
Cardano (ADA) $ 0.107866
monero
Monero (XMR) $ 126.15
stellar
Stellar (XLM) $ 0.084160
chainlink
Chainlink (LINK) $ 12.32
huobi-token
Huobi Token (HT) $ 4.50
tron
TRON (TRX) $ 0.026736
usd-coin
USD Coin (USDC) $ 0.999794
dash
Dash (DASH) $ 72.50
neo
NEO (NEO) $ 18.07
iota
IOTA (MIOTA) $ 0.278911
nem
NEM (XEM) $ 0.108596
zcash
Zcash (ZEC) $ 62.02
maker
Maker (MKR) $ 591.38
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 5.47
vechain
VeChain (VET) $ 0.012144
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 3.88
kucoin-shares
KuCoin Shares (KCS) $ 0.905615
waves
Waves (WAVES) $ 3.35