Data Gumbo on March 8 unveiled the launch of GumboNet ESG, a new solution from the Houston-based tech company’s blockchain network it says is set to solve sustainability measurement’s data problem.
“It’s a new dawn for reliable and automated environmental impact measurements based on smart contracts powered and secured by blockchain,” Andrew Bruce, founder and CEO of Data Gumbo, said in a statement.
GumboNet ESG is an automated and accurate sustainability measurement solution that ties a company’s operational data to ESG standards reporting. The result is real-time verifiable environmental performance monitoring, which Data Gumbo said will set a new bar for transparency with ESG reporting.
“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,” Bruce said.
GumboNet ESG also utilizes the Sustainability Accounting Standards Board (SASB) framework with a specific smart contract to create automated ESG reports.
According to Jeff Cohen, director of capital markets integration at SASB, Data Gumbo is poised to address sustainability measurement “growing pains” with near real-time environmental data from the field.
“GumboNet ESG stands to enable accurate, automated measurement by industrial sectors as to their carbon emissions, while saving time, human capital and money,” Cohen said in a statement in the Data Gumbo release. “This solution supports better reporting into SASB standards in a way that could ultimately scale to all sectors of the economy.”
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.
“Our smart contract network is extremely efficient in its ability to track, report and audit the carbon footprint across supply chains,” Bruce added.
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.
Data Gumbo customers will have access to the GumboNet ESG as part of their GumboNet subscription to automate commercial transactions. GumboNet ESG licenses and applies the SASB Materiality Map® and full standards in its work.
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