NEW YORK, Sept. 17, 2019 /PRNewswire/ -- With the global climate crisis looming, Climate Week NYC will take on renewed importance as government and business leaders converge in and around the UN to discuss what immediate action can be taken.
Noble Profit is building BFLO technology, a blockchain solution that will bring needed transparency to global markets and accountability to the $23 trillion currently moving into socially responsible investing strategies. BFLO is a decentralized protocol to report, track and verify sustainability claims.
"We're at a tipping point where, according to UBS, $1 out of $4 under wealth management are being divested into ESGs," says Amy Seidman, Noble Profit founder and creator of BFLO. "But investors still face an enormous challenge due to the opacity of the companies and funds claiming to be sustainable."
Seidman and CTO Gary Fitts have been building BFLO to track data behind natural capital flows and resources, using blockchain technology to enable an indelible digital fingerprint to independently verify sustainability claims. The company is starting with the formation of BFLO Lab and is inviting corporations with sustainability reporting initiatives to be among the first to use the system. Benefits range from building a bulletproof audit trail to reporting and verifying Sustainable Development Goals (SDGs) and other metrics.
In addition to mitigating risk by streamlining the audit process, BFLO helps make it easier to manage documents and identities from vendors, certifiers and auditors, as well as non-financial claims such as education, financial inclusion and volunteerism. Corporations, governments and finance can privately use BFLO for due diligence and audit trails, and then choose to report their SDG and ESG metrics publicly via BFLO's blockchain-enabled API.
"We are seeing a wakeup call internationally. Global leaders starting with Costa Rica, France and Germany are stewarding climate solutions," said Seidman. "And we are starting to see real action by US companies like IBM, Dell, Walmart and others, under the leadership of organizations like the Business Roundtable and their #EmbracingSustainability campaign."
Transparency is needed to show investors the overlap of companies behind burning the Amazon, polluting the oceans and allowing slavery in their supply chain. Using BFLO to track and report ESG and SDG data provides accountability, creating a healthy system of checks and balances for all stakeholders in the ecosystem.
BFLO Use Cases for Climate Regeneration
Noble Profit has aligned with several climate restoration projects who share the BFLO vision and have committed to contributing data to the development of the BFLO protocol, including SID System, a tree tracking tech that uses IoT to report carbon offsets in Brazil.
As part of BFLO Lab, Minae, Costa Rica's Ministry of Environment and Energy who are leading the frameworks for climate mitigation, has provided critical insight to better inform Noble Profit and BFLO on carbon capture.
Other use cases include a simple tool for fuel engines by Sustainable Flow a British company offering magnet technology to immediately reduce carbon output. The technology can also be applied to optimizing refrigeration, a leading cause of greenhouse gases.
In apparel, Indigenous Designs demonstrates an approach to fair trade and organic fibers, providing a robust SDG use case that translates to the ESG score of Nordstrom, an S&P 500 company and their investment fund BlackRock, Inc.
Contrary to these positive data models, BFLO is contrasting the shadowy truth behind Brazilian finance with Amazon Watch's multiple stakeholder report "Complicity In Destruction," which shows funds' relationship to deforestation and infringement on indigenous land rights.
Noble Profit is currently building BFLO technology and has invited select businesses, financiers, and other interested parties to join the BFLO lab to collaboratively test its technology to model data and actions around SDGs and ESGs. For more information interested parties should visit http://bflo.io/lab.
BFLO at Climate Week NYC
Founder of BFLO and CEO of Noble Profit, Amy Seidman will be in New York City during the week of September 23 to participate in events with Yale Open Labs and the Climate Chain Coalition (CCC) led by co-chair Tom Baumann of ClimateCheck. CCC a UNFCCC membership group, of which Amy Seidman is a team leader and BFLO and Noble Profit are early members. The event is being spearheaded by CCC founding member and fellow team leader Miroslav Polzer of Glotcha and Blue Planet Foundation at the New York Society for Ethical Culture.
Noble Profit is developing BFLO, a technology designed to make it easier to report sustainability metrics, starting with the Sustainable Development Goals (SDGs) adopted by the United Nations in 2015. Using a decentralized protocol and a trusted third party validator network, BFLO offers "proof of reputation" for stakeholders throughout the sustainable business value chain. BFLO is designed to enable the security, compliance and scale required to create transparency and accountability for a healthy sustainable business and financial ecosystem.
About Noble Profit
Noble Profit, a public benefit corporation, is creating an ecosystem for connecting sustainable companies, governments and investors to access business intelligence via media and technology. Through its media series, the company tailors education and insight vital for stakeholder awareness throughout sustainability, impact and clean tech. For more information, visit NobleProfit.com.
SOURCE Noble Profit