KPMG applies for a blockchain patent for better energy efficiency

The blockchain-based Climate Accounting Infrastructure aims to improve the energy balance of companies.

Auditors KPMG LLP(KPMG) announced on October 6th in a press releasea new system for emissions measurement for companies

The blockchain-based Climate Accounting Infrastructure (CAI) aims to help companies measure their greenhouse gas emissions in order to save excess energy consumption and reduce the ecological footprint. Profit Revolution is already patented.

In order to meet the sustainability criteria of companies, such as ecological, social and corporate governance requirements (ESG), a transparent system for measuring emissions data is necessary. KPMG’s Head of Renewable Energy Mike Hayes said:

Modernizing ESG practices is becoming a priority for every industry, from energy to technology and healthcare to retail. This will support both financial performance and resilience

As a result, global organizations are trying to incorporate the environmental and financial risks associated with carbon costs into their real estate portfolio approach and use new data to validate their data and strategies.

CAI is supposed to connect existing systems of a company, including IoT sensors, with external data sources. This would ensure transparent and reliable reporting on emissions data. Additionally, CAI uses trusted environmental data and analytics to model the impact of climate risk on business operations and financial performance.

In order to bring the Climate Accounting Infrastructure to the market, KPMG is working with various technology companies. Including Context Labs, Prescriptive Data and Allinfra.