TerraHub Joins the ESG Movement
TerraHub was recently featured in the Financial Post in an article for its “Made in Canada” solution that automates and verifies core business transactions. The use case was ESG improvement for complex industries such as oil & gas, construction and manufacturing. Our ESG Lead, Dan Giurescu looks forward to helping your business measure, verify, report and improve ESG.
Environmental, social, and governance (ESG) scorecard performance for corporations continues its rise as the new metric for investors and the public alike. Assets with strong ESG scores are the fastest growing investment opportunities across the globe as ESG performance has become one of the best indicators for future growth.
So how are companies supposed to link their corporate financial performance to their ESG performance? It starts with collecting irrefutable data, having the ability to process large data sets and driving smart decisions, followed by giving shareholders and investors the required level of transparency into those reports.
“AI is the ability of a computer to process a vast amount of information for you, make decisions, and take (and/or advise you to take) appropriate action.” Peter Diamandis
AI-enabled systems running on immutable and encrypted data sets lead to safe sharing of private business data and homomorphic encryption for performance analysis across multiple enterprises resulting in un-biased reporting as the data has never been altered.
TerraHub recognized the opportunity in Oil and Gas and created a platform to facilitate the vast and distributed business model of this industry. This platform (Sync) provides the ability for technology to promote data integrity from machine-to-machine communication.
Working on encrypted data, without decrypting the data itself can show how a company scores across all ESG standards, compares to their peers and benchmarks year over year growth. In addition to artificial intelligence, private blockchain technology aggregates and validates core business transactions to unlock the benefits of industry-wide ESG collaboration. Together, companies operating in a specific geographical area can gain greater alignment in working with vendors that meet their environment, health, safety and social values. Together they can publish climate change mitigation and adaptation metrics as well as GHG emissions that can be independently audited.
Complex industries, such as energy, construction, manufacturing and others alike, have an opportunity to showcase their environmental, social, and governance (ESG) performance with real-time metrics across all ESG frameworks. The cost and amount of effort that comes with this type of reporting, is significantly simplified through machine-to-machine communication, process automation, intelligent contracts and predictive reports powered by artificial intelligence.
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