TraceCarbon leverages the BlockApps STRATO blockchain platform for sustainability tracking and corporate reporting.
NEW YORK (September 13, 2021) via BusinessWire — BlockApps, the leading enterprise blockchain platform provider, has launched its newest 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 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.
“BlockApps’ TraceCarbon ecosystem has met the moment,” says Dr. Jonathan Hollander, Product Manager of CarbonSig. “Companies have awoken to their need for carbon accounting and transparent reporting – whether spurred by regulatory compliance or voluntary goal setting. CarbonSig allows for product-level recording of emissions resulting from business activities and assigns them to goods and services. With this data available on TraceCarbon, the value offering is amplified by its connected services. The partnership between CarbonSig and TraceCarbon makes it a one-stop shop for better understanding corporate and product emissions.”
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. 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.
The platform is also extensible and can integrate other value-added technologies and solutions in the industry. FuelTrust CEO Jonathan Arneault states that “TraceCarbon allows ready access to FuelTrust’s advanced AI that validates carbon emissions to help reduce their environmental footprint and collaborate with partners creating a more profitably sustainable business lifecycle.”
The release of TraceCarbon comes in the wake of the successful TraceHarvest, the blockchain traceability network designed in partnership with Bayer Crop Science to track the full provenance of agricultural products, starting with the seed source. TraceCarbon is a natural next step in BlockApps’ suite of offerings and demonstrates the company’s commitment to leading by example in using innovative and responsible approaches to improve the efficiency and accountability of companies moving towards a greener future.
“Until now, companies have been unable to provide accurate information on their sustainability efforts. In fact, to avoid overreporting, they reduced emission reduction estimates by as much as 50%, resulting in missed opportunities and unnecessary expenditures,” said 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. To make these benefits as accessible and meaningful as possible, we prioritized ensuring that onboarding was a low barrier and making TraceCarbon a net zero solution.”
Businesses interested in reducing their emissions and improving reporting capabilities can now join TraceCarbon and learn more about how blockchain technology can meet their business needs by visiting www.blockapps.net/tracecarbon.