GumboNet™ ESG Ties Real-Time Operational Data to Blockchain-Powered Smart Contracts for Fast, Accurate, Verifiable Environmental Performance Monitoring
Automated Reporting Based on Sustainability Accounting Standards Board (SASB) Framework for Scalable, Trustworthy Insights
HOUSTON, TEXAS — March 8, 2021 — Data Gumbo, provider of GumboNet™ — the massively interconnected industrial smart contract network secured and powered by blockchain, today announced GumboNet ESG, the automated and accurate sustainability measurement solution that ties a company’s operational data to environmental, social and governance (ESG) standards reporting. The result is real-time verifiable environmental performance monitoring, setting a new bar for transparency to satisfy investors, regulators and other stakeholders’ desire for faster and better environmental impact data. GumboNet ESG utilizes the Sustainability Accounting Standards Board (SASB) framework with a specific smart contract to create automated ESG reports.
“GumboNet ESG provides the ability to execute a company’s monitoring of sustainability goals over time across their supply chain, providing trustworthy and auditable reports for the market against the credible and widely used SASB standards,” said Andrew Bruce, Founder and CEO of Data Gumbo. “It’s a new dawn for reliable and automated environmental impact measurements based on smart contracts powered and secured by blockchain.”
Sustainability Data Growing Pains and the Power of GumboNet™ ESG
The need to reduce their carbon footprint is forcing companies to examine the quality, quantity and timeliness of their data to satisfy investors, regulators, lenders and other stakeholders. Yet monitoring ESG measurement consumes human capital, time and financial resources without the guarantee of accuracy or repeatability. GumboNet ESG allows companies to automate reporting with the promise of accurate measurements from the field, simplifying historically inaccurate self-reporting practices, and supporting standardization in accordance with SASB Standards.
“Data Gumbo is poised to address sustainability measurement growing pains with near real-time environmental data from the field,” said Jeff Cohen, CAIA, Director of Capital Markets Integration. “GumboNet ESG stands to enable accurate, automated measurement by industrial sectors as to their carbon emissions, while saving time, human capital and money. 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. 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.
“Our smart contract network is extremely efficient in its ability to track, report and audit the carbon footprint across supply chains. This is based on field data and facts, not estimates, as it’s also the data that companies are invoicing with and paying bills off. 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,” said Bruce.
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 Sustainability Accounting Standards Board (SASB) Materiality Map® and full standards in its work.
About Data Gumbo
Data Gumbo is a Houston-headquartered technology company that provides GumboNet™ — the massively interconnected industrial smart contract network secured and powered by blockchain. With integrated real-time capabilities that automate and execute smart contracts, GumboNet reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency. Beyond its Houston office, the company has subsidiary offices in Stavanger, Norway, and in London, UK. To date, the company has received equity funding with Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator. Data Gumbo was recognized as the Disruptive Innovator in the Forbes Energy Awards 2020 and was named to CB Insights Blockchain 50, among other awards. For more information, visit www.datagumbo.com or follow on LinkedIn, Twitter and Facebook.
About SASB
The Sustainability Accounting Standards Board (SASB) connects businesses and investors on the financial impacts of sustainability. SASB Standards enable businesses around the world to identify, manage, and communicate financially material sustainability information to investors. SASB Standards are industry-specific and are designed to be decision-useful for investors and cost-effective for companies. They are developed using a process that is evidence based and market informed. The standards cover business activities that, when managed effectively, avoid or reduce harm, benefit stakeholders, and contribute to solutions for a just and sustainable world. To download any of the 77 industry-specific standards, or learn more about SASB, please visit SASB.org.