EY leverages Ethereum blockchain to address carbon footprints

Sahana Kiran
Source – Unsplash

The crypto industry and its underlying technology blockchain have seeped into several sectors. The use cases of these industries have witnessed a drastic surge. From healthcare to education, blockchain tech has left its mark almost everywhere. Now, Ernst & Young more popularly known as EY intends to employ the Ethereum [ETH] network to monitor and manage the carbon footprints of prominent businesses.

It was brought to light that the EY blockchain team had formulated a carbon tracking prototype on the Ethereum network. In cases when it could have been more sensible to deploy a web server, many corporate blockchain platforms operated within the limitations of closed-by-design shared ledgers. The EY blockchain team, on the other hand, has continued to concentrate on how corporate customers may utilize Ethereum, the open-source blockchain that enables the development of content-rich apps.

The prototype is reportedly called “Ops-chain ESG,” internally. Speaking about the same, Paul Brody, the global blockchain leader at EY said,

“When it comes to tracking carbon outputs, companies want to show that they’re both properly tracking their carbon and properly offsetting it. They’re very comfortable letting the whole world know that they are taking into account their full carbon footprint, so we’ve made a lot of progress.”

The need for this product is directed to the fact that blockchain applications have been hampered due to privacy concerns.

It should be noted that this isn’t the first time that blockchain tech has been used to track carbon footprints. It is, in fact, considered to be blockchain tech’s prominent use case.

Ethereum bags big gains ahead of Fed announcement

As the entire crypto community awaits the potential interest rate hike by the Fed, ETH was recording a notable surge. The altcoin pocketed gains close to 7 percent over the last 24 hours. This further pushed the price of Ethereum to $1,474, at press time.

In addition to this, it was noted that there has been a significant drop in terms of fees. Santiment revealed that a surge in address activity also followed suit. This activity was reportedly traders’ way of prepping for the Fed and GDP info that is to be released.