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How Companies can report ESG data effectively using Blockchain?

This article talks about the ESG (Environmental, Social and Governance) score and SDGs (Sustainable Development Goals) which are used by investors to decide if a company is worth putting their money or not and, I also talk about how the integration of Blockchain would be revolutionary in the reporting of ESG data considering the added […]

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This article talks about the ESG (Environmental, Social and Governance) score and SDGs (Sustainable Development Goals) which are used by investors to decide if a company is worth putting their money or not and, I also talk about how the integration of Blockchain would be revolutionary in the reporting of ESG data considering the added transparency, immutability and Digitization Blockchain adds to the system.

Environmental, Social and Governance factors (ESG)

ESG refers to the Environmental, Social and Governance factors used to evaluate a country or a company on how far advanced they are in sustainability.

  • Environmental factors include the contribution a company makes to climate change with cutting of green gas emissions, waste management and energy efficiency.
  • Social factors include labor rights in the supply chain of a company, human rights and general factors such as workplace safety and health. 
  • Governance refers to a set of rules or principles defining rights, responsibilities and expectations between different stakeholders in the governance of corporations. [1]

This score is used by investors to avoid companies that might pose a potential financial risk due to their environmental or other practices.
The world’s largest investor, BlackRock CEO Larry Fink raised the bar by calling on corporate CEOs for their companies to have a social purpose and to be mindful of the impact of their business on society. Moving forward, he said, BlackRock will be keeping a closer eye on how companies behave. [2]

Investors are looking more closely into the ESG funds which are portfolios of equities and/or bonds for which environmental, social and governance factors have been integrated into the investment process.

Sustainable Development Goals (SDG)

SDGs are 17 interconnected Sustainable Development Goals which, according to the UN are the blueprint to achieving a better and more sustainable future for all. 

Most of the rating agencies are now including these scores along with the usual metrics for the performance of the company which adds another major factor for the investors to consider while investing. This puts more pressure on the companies to report their sustainability practices and adopt more transparency in their system.

Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, said in 2019: “We should embrace independent tracking tools for assessing progress under the Paris agreement and the SDGs and implement “stakeholder capitalism” by introducing an environmental, social, and governance (ESG) scorecard for businesses”.

Current Problems with ESG reporting

  • Data Reporting
    Investors are becoming more and more serious about the reporting of data about the ESG score. They wrote a letter to the SEC requesting them to develop a framework about the reporting of data concerning the ESG data.
    Companies are either reporting fragmented data or the data is of very limited use for the investors.
  • Data Accounting
    There is a serious problem with data accounting in companies regarding sustainability and governance which makes it difficult for the investors.
    This problem of data accounting is quite prominent in the supply chain of companies in which the data related to waste management is ignored or is fragmented.
    If the data related to ESG is not reported correctly by the company, then it’s ESG status is Unknown or Pending which means that the investors will be reluctant when investing in the company. 
  • Data Standards
    Most of the time the data reported by companies in regards to sustainability and governance does not meet the standards set by the authorities and this makes it difficult for them to calculate the ESG scores. Although the companies are reporting the data, it cannot be used by the investors as it does not comply with the standards and is basically useless. 

The London Stock Exchange Group’s characteristics of ESG investment-grade data

  • Accuracy: deploy rigorous data collection systems
  • Boundaries: align with the fiscal year and business ownership model
  • Comparability and Consistency: use consistent global standards to facilitate comparability
  • Data Provision: provide raw as well as normalized data
  • Timeliness: provide data to coincide with the annual reporting cycle
  • External Assurance: consider strengthening the credibility of data by having it assured
  • Balance: provide an objective view, including both favorable and unfavorable information [3]

How Blockchain aids in providing better ESG data?

  • Transparency
    With more transparency in the system of a company including the Supply Chain transparency, companies will be able to report the data concerning sustainability practices. This transparency can be achieved very easily with the integration of Blockchain in the supply chain of a company.
    Adding the Blockchain to the supply chain will aid in the integration of data which, as of now, is stored in data silos. With a common platform for all the entities on the supply chain, companies can provide complete transparent data.
    Also, the added transparency in the supply chain makes it easily auditable which adds to the credibility of the data because of the immutable nature of Blockchain technology.
  • Compliance
    Compliance with the government regulations regarding sustainability will aid in a better ESG score which in turn results in more investments. The use of technology is essential in the modern-day complex supply chain of companies.
    With the integration of Blockchain, AI, and IoT to monitor the operations of the supply chain, companies can assure better compliance. All the producer’s data can be uploaded on the Blockchain platform which eases the compliance process. 
  • Digitization of data
    Will all the data uploaded on the platform, the availability of data for the calculation of ESG score is fast and accurate. The data once uploaded on a Blockchain platform cannot be changed or deleted by anyone and with the upload of real-time data, the extraction becomes convenient and fast. [4] [5] [6]

QuillTrace, the right solution

QuillTrace is a Blockchain-based procurement platform by Quillhash which makes the supply chain of any business transparent, sustainable and secure with integrating with the existing Supply Chain systems. Using QuillTrace, companies can report their ESG data more transparently and with data formats complying with the Industry or International standards. With better data related to sustainability and governance about the company, their score increases which opens more avenues for the investors to look into.

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Source: https://blog.quillhash.com/2020/03/13/how-companies-can-report-esg-data-effectively-using-blockchain/

Blockchain

Axie Infinity Records Holders ATH: 420% Year to Date Growth

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Popular non-fungible token (NFT) gaming platform Axie Infinity continues to see increased adoption from users, following exponential growth in the number of wallet addresses.

Axie Sees Surge in Address Holders

According to data provided by IntoTheBlock on Tuesday (September 28, 2021), Axie Infinity Shards (AXS) ownership is on the rise, with 17,480 address holders. This figure represents a new all-time high (ATH) and a 420% increase year-to-date (YTD). Meanwhile, this growth is indicative of the rising popularity of Axie Infinity and play-to-earn non-fungible token (NFT) gaming.

Back in July, CryptoPotato reported that the value of the AXS token skyrocketed nearly 400% within one month, leading to a market capitalization of over the $1 billion mark. Later in August, AXS was among the assets listed on the major cryptocurrency exchange Coinbase Pro, which also gave it an immediate boost.

Axis Infinity, developed by Sky Mavis and released in 2018, arguably popularised the play-to-earn trend and has recorded a number of impressive milestones in recent times. Data from DappRadar revealed that the project recorded over $2 billion in NFT sales volume, solidifying Axie’s place as the most valuable NFT collection, thereby surpassing major names such as CryptoPunks, Art Blocks, and NBA Top Shot.

The data also showed that more than 600,000 users traded Axis Infinity NFTs, resulting in 4,887,645 transactions. The project currently boasts over 1.5 million daily active users.


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According to Jeff Zirlin, co-founder of Axie Infinity, half of the platform’s users got to interact with cryptocurrency and blockchain for the first time through Axie, while 25% of them did not own a bank account.

The Growth of NFT Gaming

The NFT industry is becoming popular with celebrities, major sports leagues, and companies buying digital art in whatever form, or selling them. However, blockchain-based games are seeing a special kind of attention.

A report by DeFiPrime stated that the NFT Gaming market has a total market valuation of nearly $180 billion as of August 2021, with the value estimated to rise to $196 billion. An excerpt from the report reads:

“NFT games may have the potential to become the standard for the gaming market if it sees enough attention and popularity. Already they have made major changes to games and made it much more fun for players. From there, it could be a very major change to the way people play games and could be as major as Doom was to the market or 3D was for environments.”

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Source: https://cryptopotato.com/axie-infinity-records-holders-ath-420-year-to-date-growth/

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Blockchain

Bitcoin, Ethereum will draw their market strength from this key aspect

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Bitcoin and Ethereum are currently surviving a bearish scare, with both assets just about holding a position above their immediate supports. For Bitcoin, the $41,000-level is establishing a strong bounceback range while Ethereum has managed to remain above $3000.

On the contrary, some altcoins have recorded strong recoveries, with Solana, Bitcoin Cash, and Uniswap hiking by more than 10% in one 24-hour window.

Now, these altcoins seemed to have the relative edge at press time. However, there are a couple of key metrics which may allow us to evaluate the actual strength of Bitcoin, Ethereum as the market goes forward.

How much importance should be given to utility?

Source: Sanbase

Over the past few years, market stability has been dependent on different aspects. During the bullish rally of 2017, investor sentiment was key and when major traders started to become bearish, the digital assets collapsed.

Then, it was constructive institutional inflows at the beginning of 2019. At the time, it was suggested that institutions can allow tokens such as BTC, ETH to hold higher price positions. The price fell in 2020, irrespective of rising interest.

However, one key idea missed by most speculators might be the utility side of things, which is presently one of the most important functionality. Gone are the days when astute marketing allowed assets such as TRON to climb into the top-10.

Now, according to Santiment, Bitcoin has hit a two-month high in terms of circulation. What’s more, if the chart is closely observed, the average BTC transferred has risen consistently over the month of September.

Source: Sanbase

Similarly, Ethereum hit a similar feat but its 1-day circulation index was at a 3-month high, indicative of high token utility and movement.

Ethereum’s price has dropped sharply over the course of the past few weeks, but circulation has remained high.

Bitcoin, Ethereum spaces have evolved

Now, to be fair, it is important to account for volatility and the fact the circulation isn’t as high as it was during May 2021. However, maintaining a development and transaction-intensive ecosystem, one which allows the price to be built on strong foundations, is eventually advantageous.

Now, with respect to the assets that have grown over the past few days, besides BCH, both Solana and Uniswap are extremely utilized tokens. While one is the native token of a major DEX, another asset is currently responsible for bringing better L2 solutions.

Likewise, for Bitcoin and Ethereum, higher utility and circulation should keep the asset relevant, and progressively exhibit significant recoveries over Q4 of 2021.

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Source: https://ambcrypto.com/bitcoin-ethereum-will-draw-their-market-strength-from-this-key-aspect

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Swaps.app Offering Seamless Crypto Swaps With No KYC Process

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Swaps.app Offering Seamless Crypto Swaps With No KYC Process

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Swaps.app is simplifying how users are converting Bitcoin and other cryptocurrencies by eliminating the current barriers available in the market.

The EU-regulated company is changing how people swap cryptocurrencies for money with its “swap’n’Go” approach. The platform is a user-friendly space that allows anyone around the globe to effort conduct various trading activities.  

Swaps.app has various unique features. The platform notably offers low commissions and a faster transaction experience to its users compared to many other venues in the market.

Swaps.app offers the lowest fees in the industry while at the same time offering the best buying rates. Transactions performed on the Swaps.app employ price execution from top liquidity providers. In turn, this assures that Swaps.app customers get the best price possible for their purchase.

In addition, transactions on the platform take about 3 minutes. This is because there is no Know-Your-Customer (KYC) process and allows transactions to take three minutes to complete. This is a breath of fresh hair since the registration process associated with cryptocurrency exchanges is usually lengthy and cumbersome compared to most. The process has notably caused many people not to engage in cryptocurrency trade. 

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Another notable feature is that coins get to users’ digital wallets within 15 minutes of payment approval. Swaps.app has two currencies available for purchase, including Tether (USDT) and Bitcoin (BTC). Currently, the platform is accepting two payment methods, Visa and MasterCard debit and credit cards. Users can purchase varying amounts of cryptocurrencies up to €1,000 per month.

To merchants and developers, Swaps.app provides a convenient order widget that can be integrated into any webpage with just a few clicks.

In addition to being regulated by the authorities, Swaps.app integrates a full 3-DS V2 for safe and secure transactions. Reportedly, card purchases that use PCI DSS Level 1 certification will be authorized by code and verified by Visa or Mastercard ID Check.

Swaps.app is now available to over 160 plus countries and is available 24/7 throughout the year. The platform is owned and operated by Octo Liquidity, based in Tallinn, Estonia.

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Source: https://zycrypto.com/swaps-app-offering-seamless-crypto-swaps-with-no-kyc-process/

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