Ernst&Young said the EY OpsChain ESG platform is now available in beta on the EY Blockchain SaaS platform.
The solution will allow businesses to track and measure their carbon footprint in the atmosphere, and in the future, the platform’s corporate customers will be able to tokenize their carbon emissions by earning carbon credits.
The company said EY’s OpsChain ESG is built to international standards developed by the nonprofit InterWork Alliance (IWA) for tokenized ecosystems.
This means that businesses will begin issuing unchangeable reports on their current CO2 emissions.
Tokenization will give organizations a clear picture of their carbon emissions, motivating them to operate in accordance with ESG (environmental, social and corporate governance) policies.
In addition, the blockchain’s transparency and decentralized nature will ensure a high level of trust between consumers, partners and regulators, according to EY.
Recall that in 2020, the World Economic Forum (WEF) also introduced a blockchain-based COT platform for tracking carbon emissions.
The site is designed for mining and metallurgical enterprises. In 2021, the VeChain platform also launched a Digital Carbon Footprint system to account for carbon dioxide emissions.