EY's new blockchain platform, EY OpsChain ESG, will enable companies to track their carbon footprint.
Ernst & Young or EY, a consulting and professional services company, has unveiled a new platform based on the Ethereum blockchain that will revolutionize the carbon credit market, guaranteeing transparency, integrity and traceability.
Blockchain technology has positioned itself as one of the greatest innovations of our time, with applications and use cases in virtually every field.
In the carbon credit market, this technology has the potential to increase corporate participation, generate greater transparency and trust, help minimize costs and mitigate intermediation risks, by allowing Tokenization of carbon credits through digital assets.
EY is leveraging blockchain technology to provide companies with a platform to track their emissions while ensuring traceability of carbon credits.
In 2022, the company joined different projects in the blockchain industry, such as the Filecoin Foundation and Protocol Labs, among others, to form Decentralized Storage Alliance, an organization that seeks to drive the adoption of decentralized technologies among companies. In late 2021, Ernst & Young integrated the Polygon Network sidechain to implement solutions that allow its business clients to enjoy higher transaction volumes with affordable costs and settlement times.
EY OpsChain ESG
The professional services company launched the new EY OpsChain ESG blockchain platform during the Global Blockchain Summit, held this week in London, UK. EY OpsChain ESG is currently available in beta version.
The new platform is built using EY Blockchain SaaS, based on the Ethereum smart contract blockchain. OpsChain ESG meets the InterWork Alliance for Carbon Emissions Tokens standards, to make it easier for companies to clearly understand their CO2e positions, the authenticity of the carbon offsets they use to reduce their environmental impact, and make decisions that improve their ESG (Environmental, Social and Governance) journey.
Through its new platform, EY will issue accurate and immutable reports on its clients' current CO2 emissions business
Paul Brody, EY Global Blockchain Technology Leader, said that tokenizing carbon credits via blockchain can improve traceability and verification, allowing companies to have greater visibility into their actions as they move toward decarbonization.
Meanwhile, Sam Azad, head of OpsChain ESG, highlighted blockchain transparency as one of the key advantages of this technology to boost digital trust and help companies meet their zero-emissions goals, amid growing ESG scrutiny.
Continue reading: Blockchain, AI and Web3, the technologies that drive Spain's digital transformation
