BlockApps has launched a new offering, the net zero TraceCarbon blockchain enterprise network. Developed “for the industry by the industry,” TraceCarbon provides sustainability traceability for the CO2e ecosystem, enabling compliance and transparency in processes like corporate reporting and product lifecycle analysis, as well as improved project effectiveness, the blockchain platform provider says. The network is built on BlockApps’ proven STRATO technology, with applications running in production for several years.
Emission tracking capabilities are becoming ever more important from a regulatory and compliance standpoint, as governments implement and update targets that private businesses need to be flexible enough to accommodate. TraceCarbon provides a standardized, secure, and reliable record of carbon emissions and offsets that companies can trace back to the source for their own records, as well as for reporting purposes to maximize transparency.
There are a wide range of activities and methodologies that need to be tracked to calculate CO2e emissions and offsets, and the existing process to date has been manual, error-prone, and not standardized, BlockApps says. TraceCarbon is a flexible, scalable platform that gives a clear, real-time picture of emissions across the business to enable accuracy in reporting and more meaningful, data-driven action on sustainability metrics. The data gathered is protected through a powerful combination of role-based access control and private chain capabilities? to help ensure security and continuity in a rapidly changing environment.
The TraceCarbon Network runs on BlockApps’ cloud-agnostic STRATO platform, a flexible, enterprise-grade, Ethereum-based blockchain solution for building and running business networks with built-in security. This shared infrastructure incentivizes greater cooperation and collaboration across businesses.
Companies have traditionally been unable to provide accurate information on their sustainability efforts. In fact, to avoid over reporting, they sometimes reduced emission reduction estimates by as much as 50%, resulting in “missed opportunities and unnecessary expenditures,” says Kieren James-Lubin, President and CEO at BlockApps. “TraceCarbon gives companies real-time insight into their sustainability goals and enables cost savings not just in compliance, but the identification of new revenue streams with better access to data.”