Hedera (HBAR), which claims to be the most used, sustainable, enterprise-grade public network for the decentralized economy, recently made a big announcement introducing a new service known as ServiceNow. It is an ESG Public Ledger that offers a secure, auditable ESG asset management system.
Built on Hedera, the system was developed using Guardian, and its goal is to solve the prevalent industry issues of fraud, information asymmetry, and other factors. By doing so, Hedera hopes it will contribute to global efforts aimed at achieving sustainability.
The importance of ServiceNow
In its announcement, Hedera noted that ServiceNow plays an important role in managing the data generated by various devices, from sensors to satellites and even human input. ServiceNow’s goal is to make interacting with this data and especially digitized Measurement, Reporting, and Verification (dMRV) easy.
Beyond that, ServiceNow ESG Public Ledger will track all audit logs and orchestrate token-related activities with certainty. The service can even onboard the entire supply chain and emissions to downstream suppliers and upstream customers.
CO2 management is a big part of Hedera, apart from the financial aspects. The project noted that climate assets have grown significantly in recent years, but even so, they lack much information about provenance and chain of trust. Hedera aims to change this with a more streamlined system, which is what ServiceNow is all about.
A company holding brown tokens meant to reduce carbon emissions can use them to obtain green tokens and be proven to burn the same amount of both. By doing so, it will validate the retirement in the ledger, thus making it, essentially, set in stone.
The process is also not complicated or lengthy, and it is fully auditable in real-time. All data will be available on the chain, and all parties can review it through manual inspection, or rather, using automated, AI-based techniques.
Hedera is an ideal network for this type of service
Hedera went on to explain that the platform natively integrates with Guardian, and it uses the Guardian spoke, which is essentially a no-code integration. Because of this, it is possible to create any kind of workflow and automation through configurable building blocks, which Hedera named activities.
Guardian itself is an open-source solution that offers the best available identity management and tokenization libraries. However, at its heart, there is a Policy Workflow Engine that uses Hedera’s Consensus Service and Token Service.
Hedera noted that its ecosystem is ideal for this type of service for a number of reasons, including management, performance, and economic issues. And, of course, it is carbon neutral, which is something that few projects have achieved, despite many of them trying it.
To learn more about Hedera, visit our Hedera Investment guide.