Ernst & Young Global Ltd., one of the world’s big four accounting firms that rebranded itself as EY in 2013, on Wednesday said it had launched the beta version of a blockchain-based product that it claims can accurately track carbon credits and emissions.
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Fast facts
- Through the Ethereum-based EY OpsChain ESG, companies can track carbon credits throughout their entire lifecycle, including creation, transfer, and retirement, the U.K.-based company said. Blockchain technology enables transparency and security throughout the process.
- EY OpsChain ESG uses tokenization to track carbon credits and emissions, enabling companies to have a clearer understanding of their carbon dioxide equivalent positions.
- The platform is built to InterWork Alliance for Carbon Emissions Tokens standards, ensuring the reporting is immutable and independently verifiable through integrating emissions data validators, the release said.
- Deloitte Touche Tohmatsu Ltd., PricewaterhouseCoopers International Ltd, and KPMG International Ltd. are the other members of the big four, which now refer to themselves as providers of “professional services” that include auditing, consulting and other services.
- Earlier this week, Deloitte announced a partnership with Goldman Sachs Group and other financial firms to launch the Canton Network, a blockchain that aims to link institutions and financial assets with improved privacy and lower costs.
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