Reduces greenwashing with Proof of ESG via blockchain

Imagine Bitcoin helping sustainability. Stop imagining – because it’s already happening.

In a recent YouTube interview organized by Monetix, Alexander Mann explained how to implement blockchain technology for ESG-related issues. Mann is director of evidence for ESG and an advocate for smart farming technologies.

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“Everyone knows what ESG is, but Proof of ESG was created out of a desire to raise the standards. To really prove these claims that are being made in the market. It’s a lack of accountability and a lack of transparency that Proof of ESG can address, Mann said.

Proof of ESG uses the BSV blockchain for environmental purposes

Mann clarifies that Proof of ESG incorporates the BSV blockchain to collect and verify ESG-related data to create a standardized, reliable record of a company’s ESG performance.

The discussion addressed the issue of “greenwashing”, a marketing method used by disingenuous companies to appear to care about the negative environmental impact of their actions – when in fact they do nothing about it.

“The higher a company’s ESG score, the more ‘green investments’ they can acquire. So there is an incentive there to have a higher ESG score, to be more environmentally friendly. And there is a lot of misrepresentation in the market about the real-world implications of these ESG metrics versus the score; it seems to be a detachment from reality,” Mann said.

Real-life examples of how Proof of ESG focuses on “greening”

Mann stated that car insurance companies already collect data on how the customer drives to adjust risk assessment scores, for example by lowering the insurance rate for a careful driver. Or the opposite.

“The same thing can be done in agriculture, where if a farmer’s farming practices show that they’re benefiting the environment, that they’re growing more sustainably — and the insurance company has a way to essentially validate those things. We can get more affordable crop insurance for our farmers and provide them a little more security, Mann said.

Co-host of the Monetix interview, Crescenda Babierapointed out that the data recorded via Proof of ESG is on the BSV blockchain – not in a database solely owned by the company.

“So they can actually extract data on the chain, without using your platform,” Babiera said. It is an important observation because we are leaving the data silo era and entering a global ledger era.

Co-host Prossy Wanyana was impressed by how much environmental data is already collected by Proof of ESG. For example, there are wireless field monitors implemented to record temperature. Mann demonstrated the application interface, live data and how running devices work.

“So the little thing catches all this?” Wanyana asked.

“Yes!” said Mann.

Sustainability and blockchain– the underrated potential of Bitcoin

Proof of ESG seems to have understood what Bitcoin inventor Dr. Craig Wright has been telling us for years: that the BSV blockchain enables us to effectively track transactions at the micro level. When they hear about transactions in Bitcoin, most people in the environmental movement may think of payments for goods and services.

However, Dr. Wright explicitly stated that the Bitcoin blockchain, which initially indented, serves far more purposes than simple payments. For example, in this short video, Dr. Wright explained:

“We act, we document what we have done – and then we record these entries on the blockchain. This can be extended not only to humans, but protocols can be created for machines. The Internet of Things and the possibility of having smart cities.”

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This is just the beginning of data-driven environmental measures

The Proof of ESG approach brings to life this vision of Bitcoin as a technology to reduce fraud while enabling complex data tracking. Greenwashing will not only disappear, but it will be addressed. It can be traced, leaving evidence of consumer fraud, investment fraud and subsidy fraud. It sounds as good as it really is – Dr. Wright has the solution to our computer woes.

In 2021, at the CoinGeek Zurich conference, the BSV blockchain had already demonstrated its potential to help with natural resources and sustainability. In 2023, all this gets serious with companies like Proof of ESG.

The upcoming London Blockchain Conference, starting on May 31, 2023, will definitely have the topic on the agenda.

Watch CoinGeek Talks with Bryan Daugherty: Evidence of ESG Initiatives Through a Sustainable Blockchain

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