GumboNet ESG utilizes the Sustainability Accounting Standards Board (SASB) framework with a specific smart contract to create automated ESG reports. (Source: Data Gumbo)
Data Gumbo on March 8 unveiled the launch of GumboNet ESG, a new solution from the Houston-based tech company’s blockchain network it says is set to solve sustainability measurement’s data problem.
“It’s a new dawn for reliable and automated environmental impact measurements based on smart contracts powered and secured by blockchain,” Andrew Bruce, founder and CEO of Data Gumbo, said in a statement.
GumboNet ESG is an automated and accurate sustainability measurement solution that ties a company’s operational data to ESG standards reporting. The result is real-time verifiable environmental performance monitoring, which Data Gumbo said will set a new bar for transparency with ESG reporting.
“GumboNet ESG empowers companies to tackle previously nonexistent, difficult or subpar measurement strategies around emissions and carbon tracking, providing the trust required for accurate, provable—not estimated—ESG reporting,” Bruce said.
GumboNet ESG also utilizes the Sustainability Accounting Standards Board (SASB) framework with a specific smart contract to create automated ESG reports.
According to Jeff Cohen, director of capital markets integration at SASB, Data Gumbo is poised to address sustainability measurement “growing pains” with near real-time environmental data from the field.
“GumboNet ESG stands to enable accurate, automated measurement by industrial sectors as to their carbon emissions, while saving time, human capital and money,” Cohen said in a statement in the Data Gumbo release. “This solution supports better reporting into SASB standards in a way that could ultimately scale to all sectors of the economy.”
As a neutral third-party, GumboNet reaches across data sources, silos and counterparty information in a supply chain, capturing and verifying real-world events and services as they unfold with a corroborated, auditable record. This data used by companies in GumboNet smart contracts to automate invoicing and payments and wring out process inefficiencies is the same data needed to measure sustainability such as carbon emissions. In effect, sustainability measurement is paid for by removing waste from the supply chain.
“Our smart contract network is extremely efficient in its ability to track, report and audit the carbon footprint across supply chains,” Bruce added.
GumboNet ESG is available as a configurable smart contract, and taps a company’s own operational Industrial Internet of Things (IIoT) field data and that of their supply chain’s to produce an accurate picture of environmental impact.
Data Gumbo customers will have access to the GumboNet ESG as part of their GumboNet subscription to automate commercial transactions. GumboNet ESG licenses and applies the SASB Materiality Map® and full standards in its work.
Recommended Reading
Phillips 66 Director Criticizes Activist Investor Elliott Amid Proxy Battle
2025-03-28 - A boardroom battle between U.S. refiner Phillips 66 and activist investor Elliott Investment Management has intensified with a Phillips 66 independent director leveling criticisms at Elliott in an open letter to shareholders.
Dividends Declared in Weeks of March 17, 24
2025-03-28 - Here is a compilation of dividends declared from select upstream and midstream companies during the weeks of March 17 and March 24.
Tribal Nations Step Away from Enbridge’s Line 5 Process
2025-03-26 - The U.S. Army Corps of Engineers included Line 5 on a list of projects to be considered for emergency permitting. But native groups say the potential emergency designation for the project is unfair.
Ironwood Launches Third Eagle Ford Midstream Co. After January Sale
2025-03-25 - Ironwood Midstream has launched its third iteration after having sold assets to Plains All American in January.
Elliott Sues Phillips 66 to Put Board Nominees Up for Vote
2025-03-25 - Elliott Investment Management has asked a court to order Phillips 66 to require four board seats to stand for election at its annual shareholder meeting.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.