Beating ESG and sustainability BS with Blockchain
Nothing annoys charitable donors more than finding out they were cheated.
The burgeoning field of environmental, social and governance (ESG) is reportedly plagued with outright fraud at its worst. Successful supply chain management depends on visibility throughout the supply chain to combat greenwashing and other false claims.
Sustainability and ESG are apparently becoming almost critical in today’s supply chains because consumers expect compliance from companies that produce the products they buy. However, verifying the veracity of a company’s ESG claims has been a challenge.
Global Compliance Applications Corp. FUAPF aims to solve the problem with blockchain technology. GCAC created the clearESG.app platform to enable companies in multiple industries, including the cannabis, hemp and agriculture sectors, to authenticate their sustainability and ESG claims.
For growers, processors, manufacturers and retailers, GCAC’s Efixii dApp enables businesses to attest, via a KYC verification function, up to 50 of their ESG certifications. GCAC’s application programming interface (API) transfers ESG blockchain certificates to Web 2.0 via embedded and QR codes, facilitating public, verifiable proof of customers’ ESG certifications in any industry.
The Efixii blockchain is a leading Ethereum Layer 2 solution that increases the speed and scalability of Ethereum’s smart contracts while adding privacy features. Decentralized applications (dApps) built on the Efixii blockchain help companies solve their most challenging supply chain problems, including brand loyalty, solving quality problems and generating rewards.
GCAC gives as good as it gets?
The Efixii platform allows developers to run unmodified Ethereum Virtual Machine (EVM) contracts and Ethereum transactions on a second layer, improving poor throughput and reducing transaction costs.
Efixii uses transaction digests to record batches of layer 2 submitted transactions on the Ethereum mainnet and execute them on the layer 2 blockchain. ClearESG takes these certificates and earns ESG marks and renders them in real time on the client’s websites.
In a recent press release, GCAC CEO Bradley Moore said, “Blockchain provides us with a technology platform that allows our company to quickly add transformational technologies and services. Developing tools that help the challenge of implementing sustainability goals not only helps our customers, but has an impact in world.”
Moore went on to explain that GCAC not only benefits sustainability reporting, but that “we can also help with analytics that reduce costs and provide a potential new source of revenue for the grower and producers in the form of higher premiums for their products.”
Blockchain-based ESG tracking allows supply chain and procurement professionals to improve resilience by reducing disruptions and risks in procurement practices and measuring sustainability issues. Listed companies such as IBM IBM and Microsoft Corp. MSFT uses blockchain technology in many of its platforms, and the trend is increasing.
With GCAC’s Efixii, developers don’t need to learn a new language to build smart contracts. Users earn native tokens instead of speculative, pre-mined tokens created by another organization. Its efficient roll-up technology means zero transaction fees because carbon-neutral solar mining of Ethereum (ETH) pays for roll-up fees for ETH gas. In line with the cornerstone ESG principles, Efixii is carbon neutral, generating electricity using a solar panel.
To learn more about Global Compliance Applications Corp., visit their website.
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Photo courtesy of Global Compliance
