How Blockchain Is Being Used by Start-ups to Track Carbon Footprints

It is a Sisyphean undertaking to manage every element of a sustainability strategy across many software platforms, from carbon accounting and reduction objectives through ongoing monitoring and reporting. Businesses only need to go to one spot for their comprehensive sustainability programme.

It seems like a new carbon accounting system or piece of emissions management software is released every day. Then how can you sort through the clutter, pick out the benefits, and choose which is best for your company?

Many startups have developed a carbon accounting tool that enables businesses to monitor their carbon emissions about pre-set company targets.

In other words, numerous new-age platforms help businesses to reduce their carbon footprints through technology, in an attempt to build a conscious world worth living for generations to come. In this advent, Onlygood is creating sustainability by using blockchain to track carbon footprints.

The product helps companies understand their baseline emission, set goals and embark on a new vision for future growth of the company. They help companies understand their carbon accounting and internal emission norms.

Climate change, blockchain technology, carbon footprints, carbon emissions, and other topics are hot topics right now. Businesses and governments are actively thinking of ways to use technology to minimise one another's negative effects as blockchain emerge as the "next big thing" and climate change continues to be the most urgent concern at the moment says Rajeev Sinha, Co-Founder of Onlygood.

According to a whitepaper released by the European Commission, blockchain technology can increase the accountability, openness, and traceability of greenhouse gas emissions. Additionally, it can be used to calculate, monitor more accurately, and report on the decrease of the carbon footprint along the entire value chain through the use of smart contracts.

Why, therefore, blockchain? For participants, it enables transparency in carbon emissions on a single platform, which has been missing in typical consulting-driven solutions, says Vivek Mehra, co-founder and Chief Sustainability Officer at OG, The OG platform includes a dashboard with carbon accounting, monitoring, reporting, rechecks, ease of carbon certification, and other sustainability features such as ESG Reporting. The platform provides a subscription-based service for businesses that includes a quick workshop to explain and set up a carbon accounting competency, a dashboard for monitoring carbon emissions, a dashboard for auditors to validate the data, and quarterly ESG reports to be shared with partners and suppliers.

Way Ahead

The business intends to expand in EU partners of exporters operating in India, notably in nations like Denmark, the UK, Germany, and France that have strict laws requiring carbon disclosure. Additionally, it wants to collaborate with manufacturing facilities and SMEs in Bangladesh and China that export to the EU.

The idea is rooted in circularity and sworn by the ethos of collaboration and co-creation. On this note, the company aims at spreading its footprints across the globe in a swift fashion to enable more and more businesses to initiate and activate a conscious culture for sustainable growth-centric integration, a step towards a cleaner world.