Carbon footprint tracking is being offered by Gurugram startup OnlyGood using blockchain technology.

There is a lot of buzz around blockchain technology, climate change, carbon footprints, and carbon emissions.

With blockchain becoming the "subsequent big issue" and climate change being the most urgent difficulty at present, agencies and governments are actively brainstorming ways to leverage the technology to minimise the alternatives.

Furthermore, it can be used via smart contracts to more accurately calculate, measure, and document the discount of the carbon footprint throughout the complete price chain. That is the onlygood thing about the Gurugram-primarily based startup. In 2020, Rajeev Sinha and Vivek Mehra released the blockchain-included cloud-based total platform, which fits as carbon accounting software, permitting corporations to measure their carbon emissions against established company goals.

The business-to-business (B2B) startup offers its customers a dashboard with carbon accounting, monitoring, reporting, rechecks, carbon certifications, and sustainability functions.

It offers a subscription-based provider, which includes a workshop to explain and set up a carbon accounting capability inside the enterprise, a carbon tracking dashboard, an auditor dashboard to verify the carbon statistics, and quarterly ESG reviews to be shared with partners and suppliers.

"By doing this, we will raise awareness of the business enterprise's carbon emissions hotspots," Rajeev explains. Predicting carbon footprint, integrating ERP, and providing Scope 3 emissions guidelines are all included in its optional features.

The startup collates records, which include water, electricity, waste generated, and automobile utilisation and emissions—furnished via agencies through online and on-floor sources—and systematically organises them to create a baseline document. According to the co-founder, the blockchain era evaluates and verifies these elements of statistics to make sure they are accurate.

If a business has to figure out how to verify someone's carbon footprint is accurate, it can divide its water and power costs by the total number of employees.

Once the platform verifies the facts, it applies the emission factors of the specific United States or area to calculate the carbon footprint of the organization. Most of the time, onlyGood uses the UNFCCC's preferred emission factors and calculates the carbon footprint, measured as TCO2e (tonnes consistent with carbon emitted).

This improves their comprehension of carbon accounting and internal emission standards, according to Rajeev. Additionally, OnlyGood presents a dashboard with role-based access and safety controls, which businesses can share with partners throughout the delivery chain (with records masked where desired).

Except for blockchain, the API-pushed platform consists of Python, gadget learning, and artificial intelligence technology to ensure proper results through streamlined performance. The discussion is filled with concerns about sustainability, carbon footprints, and the environment.

Making a carbon baseline, a sustainability dashboard, and a great document about the governance, social, and environmental elements of our company Nothing But Good has assisted us in streamlining the procedure. While the platform does not offer carbon offset offerings, it lets companies apply their carbon capture projects, together with tree plantations. It also links its clients with licenced carbon offset businesses.

The market is onlygood in India, the United States, and Europe, and the company charges $499 per step per month in India and $999 per line per month in Europe and the United States, which may additionally range depending on the features the company chooses. In line with MarketsandMarkets studies, the global carbon emission control marketplace was worth $9 billion in 2020 and is projected to reach $12.2 billion in 2025.

Ask Rajeev what units OnlyGood offers other than its competitors, and he says that the startup can study data at once from far-flung sensors and gadgets, including water and electricity meters, reducing an organization’s burden of manual fact collection, speeding up the compliance process and enhancing the veracity of the information. How Rajeev expects OnlyGood to generate $1 million in sales by the end of 2022 and clock a 4–5x increase in 2023.

The startup plans to target EU partners of India-primarily based exporters, mainly in international locations with sturdy laws for carbon disclosure, such as Denmark, the United Kingdom, Germany, and France.