Protecting the climate with Blockchain Technology

belemo (72)in Project HOPE • 4 years ago

Every day, industry leaders search for innovative methods of mitigating underlying problems to their business. In a bid to leverage the transparency and open nature of blockchain technology, KPMG are exploring a means of tracking carbon emission with the said technology.

Very day we find new applications of blockchain technology in our every day lives. The relatively new technology has seeped into our lives; whether it is for managing your taxes, social media like we have on Hive or even protecting the climate, there's a fundamental need for it, as it offers an improved way of doing things.

KPMG recently announced its blockchain-based Climate Accounting Infrastructure (CAI) solution that aims to simplify and fundamentally change the landscape of Carbon emission tracking. The International Auditing, Tax management and innovative solution firm patented the CAI to securely store environmental data in a financial system as part of organizations’ climate risk assessments and asset valuations.

The patent will basically combine the available carbon emission tracking facilities in the company with IoT sensors and the transparent and code-based blockchain technology in tracking carbon emission. Basically creating an incorruptible system for tracking and storing carbon emission data.

This innovation will of course aid companies and industry leaders meet up with their environmental, social, and corporate governance (ESG) targets as explained on Cointelegraph while keeping cost at the barest minimum.

Unlike the past where businesses could simply "focus on making money", the dynamics for running a business has evolved to accommodate certain responsibilities. One critical responsibility is conducting business in an environmentally friendly way.

Numerous companies are aware of the potential backlash that could arise from defaulting on their responsibilities and are taking the innovative route. Companies like Mercedes, and Volvo, to name a few are employing the services of digital firms that focus on blockchain application to reduce their carbon footprint.

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