The new system was announced by the EY OpsChain ESG at the company’s Global Blockchain Summit in London, and it is available at the time of writing in beta form on the EY Blockchain SaaS platform. It relies on carbon emission tokens developed by the InterWork Alliance, which is a part of the Global Blockchain Business Council (GBBC).
According to coindesk.com, companies are gravitating towards blockchain technologies when it comes to keeping track and tracing various elements of their workflow. Keeping a closer eye on carbon emissions and credits is important for numerous entities in the environmental and social governance space, including EY, which has been advocating for the use of the Ethereum blockchain to achieve more detailed traceability and the tracking of emissions inventory through tokenization.
EY officials cited by the same source talked about using carbon credit tokens, either created or sourced on the market and how they can help enterprises to achieve more visibility into their decarbonisation efforts.
In May 2023, EY partnered with insurance platform EIS to help clients in the US and UK to integrate EIS’ cloud-native digital insurance platform. Following a significant surge in activity across the group insurance software marketplace, the alliance between these two entities aims to help clients implement detailed services that reduce time to market and enable new business. It also supports underwriting, servicing, and policy administration capabilities across multiple lines of business, including group benefits, life, annuity, healthcare, property and casualty, dental, and disability products.
In April 2023, EY collaborated with FintechOS to simplify the digital development of financial institutions. The goal of this partnership is to modernise IT landscapes for the delivery of digital experiences and services using a low-code, no-code technology-driven approach. This will focus on banks, financial institutions, and issuers.
Furthermore, the companies will also support a faster and more secure time to market for new or adjusted financial products and solutions, while creating new underlying processes that will benefit customers, employees, as well as the wider ecosystem. The deal will combine EY Romania’s sector of business and regulatory knowledge with the FintechOS cloud-native platform, providing more scalability and security through the process of optimisation.
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