Blockchain-based system aims to automate ESG reporting
Data Gumbo has launched announced GumboNet ESG, an automated sustainability measurement solution that ties a company’s operational data to ESG standards reporting. The result is real-time verifiable environmental performance monitoring. The system utilizes the Sustainability Accounting Standards Board (SASB) framework with a specific smart contract to create automated ESG reports.
“GumboNet ESG provides the ability to execute a company’s monitoring of sustainability goals over time across their supply chain, providing trustworthy and auditable reports for the market against the credible and widely used SASB standards,” said Andrew Bruce, Founder and CEO of Data Gumbo. “It’s a new dawn for reliable and automated environmental impact measurements based on smart contracts powered and secured by blockchain.”
The system aims to allows companies to automate reporting with the promise of accurate measurements from the field, simplifying historically inaccurate self-reporting practices, and supporting standardization in accordance with SASB Standards.
As a neutral third-party, GumboNet reaches across data sources, silos and counterparty information in a supply chain, capturing and verifying real-world events and services as they unfold with a corroborated, auditable record. This data used by companies in GumboNet smart contracts to automate invoicing and payments and wring out process inefficiencies is the same data needed to measure sustainability such as carbon emissions. In effect, sustainability measurement is paid for by removing waste from the supply chain. GumboNet ESG is available as a configurable smart contract and taps a company’s own operational Industrial Internet of Things (IIoT) field data and that of their supply chain’s to produce an accurate picture of environmental impact.
“Our smart contract network is extremely efficient in its ability to track, report and audit the carbon footprint across supply chains,” Mr Bruce said. “This is based on field data and facts, not estimates, as it’s also the data that companies are invoicing with and paying bills off. GumboNet ESG empowers companies to tackle previously nonexistent, difficult or subpar measurement strategies around emissions and carbon tracking, providing the trust required for accurate, provable — not estimated — ESG reporting.”