Corporate accountability is the name of the game in this week’s episode of The Bitcoin Bridge, and rallying behind this cause is an initiative called “Proof of ESG.” Its founder, Bryan Daugherty, joins Jon Southurst to discuss how Proof of ESG is keeping companies honest and how the BSV blockchain is making it possible.
“ESG” refers to “environmental, social and governance.” In other words, it’s a way to keep score of both a company’s financial performance and so-called “ethical investment” or “triple bottom line.”
One of the main problems that Daugherty’s project is solving is “greenwashing.” In a bid to gain public approval, many companies make bold claims of being environmentally friendly, claims that are sometimes either gross exaggerations or outright lies. Proof of ESG provides a way to verify these claims, through frameworks where data can be gathered, timestamped, and checked on the BSV blockchain.
Daugherty says that the majority of ESG up to date has revolved around investment portfolios, but the availability of a stable blockchain is a game changer.
“Now, you can really start to integrate the convergence of IoT, RFID, and AI along with blockchain to create these efficiencies that just were never able to happen before,” Daugherty says. “And now those efficiencies start to really have a substantial environmental impact.”
Citing discussions at the 2021 United Nations Climate Change Conference or COP26, Daugherty says new regulations are just starting to mandate big corporations to verify ESG data. Even small and medium companies will not be exempt, and the regulations may eventually require them to perform their own authentication in the next few years.
Ultimately, Daugherty says it can’t hurt if Proof of ESG is able to accomplish its goal of helping lower humanity’s carbon footprint, and companies stand to gain more than just good PR.
“It doesn’t hurt to provide an innovative foundation for enterprises to create new revenue streams, employ new people, to provide new sponsorship opportunities for their communities,” Daugherty says.
Watch the full interview to learn why Daugherty believes that with the BSV blockchain, there is no shortage of solutions that really make an ESG impact.
Download the ESG Impact – November 2021 edition to learn more about “the future of ESG.”
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