BlockApps
Carbon Emission Accountability through Blockchain

The oil and gas industry is currently experiencing a rapid surge in technology adoption due to the global transition toward greener operations. A plethora of diverse tech-driven deployments has sprung up in the energy arena, each with its unique data structuring, consolidation, and storage capabilities. However, the data complexity resulting from the modernization of legacy power grids is hindering corporations from accurately tracking performance, maintenance, emissions, and other energy asset data. As an antidote, blockchain technology, with its ability to preserve immutable information in a secure distributed ledger, is gaining significance in reinforcing the energy shift toward more sustainable operations. With blockchain, energy businesses can achieve impactful environmental sustainability and enhance the traceability of evolving grid deployments while driving cost savings and providing transparency for stakeholders.

At the vanguard of realizing blockchain applications for the energy sector is New York-based BlockApps, an enterprise focused company providing blockchain based solutions that set new benchmarks in sustainability while driving the effective digital transformation of power grids.

The company’s core product, STRATO, is a decentralized platform for constructing and managing business networks. STRATO serves as the base layer for secure B2B collaboration, allowing organizations to employ a highly flexible solution for their business needs. STRATO establishes a network among businesses that enables them to share data rapidly, seamlessly, and securely. Each STRATO node interacts with enterprise systems through a secure authentication layer that provides users security and flexibility. Standard API queries can also obtain and send data to the blockchain network from external, third-party deployments (such as SAP systems), and in-house apps.

BlockApps leverages its STRATO platform to address the burgeoning need for unified reporting and regulations around emissions accounting. The TraceCarbon network is built to track carbon emissions and other sustainability metrics across an organization’s supply chain, including Scope 1, 2, and 3 emissions.

“TraceCarbon helps organizations manage emissions data across their value chain and gain a deeper understanding of their carbon offsets to eliminate instances of greenwashing,” explains Kieren James-Lubin, President and CEO of BlockApps.

At the same time, the network allows users to streamline the integration of their overall technology ecosystem (from age-old, mature deployments to newer, greener implementations) and simplifies the process of establishing a highly connected and sustainable technology infrastructure across their value chain. TraceCarbon also makes emissions data available in real time and conveniently performs carbon credit calculations without outsourcing to expensive third-party vendors. With this ability to digitize critical carbon information, TraceCarbon changes the way businesses perceive emissions and facilitates environmentally-conscious business decision-making to drive more impactful and data-driven sustainability initiatives.

TraceCarbon helps organizations manage emissions data across their value chain and gain a deeper understanding of their carbon offsets to eliminate instances of greenwashing

Additionally, TraceCarbon issues accurate carbon offsets from across the supply chain and, due to the nature of blockchain technology, ensures no double-spending. By achieving this, the STRATO-powered emission tracking network enables its users to always be up-to-date on the performance of their environmental, social, and governance (ESG) endeavors and effectively make progress toward the acquisition and sharing of carbon credits. Above all, TraceCarbon brings value to all carbon intensive deployments and processes in a supply chain with real-time and accurate collection of emissions data, driving all the involved entities to identify and address carbon tracking and data integrity issues faster and more securely. Moving ahead, BlockApps aims to capitalize on the imminent supply chain digitalization and data compliance opportunities with its robust STRATO decentralized network.