Spring develops innovative technology for green bonds

8 Jun 2023
Spring develops innovative technology for green bonds
As a participant in the European project Stronghouse, Spring has played a significant role in the development of technology focusing on green data management. Through collaboration with homeowners and banks, we have developed an app that not only facilitates financing of green renovations but also enables traceability and transparency through the use of blockchain technology. The concept being presented now simplifies the process for individuals to apply for loans while sharing data on potential green returns. Through this innovative technology, banks can more efficiently discover and offer green loans to their customers. The customer registers the renovation they wish to undertake, as well as the approximate loan amount needed to complete the renovation, within the app. All registered loan applications are published in a centralized database accessible to the connected banks. Consequently, the bank can easily identify the type of renovations the loan will finance and determine which renovations to invest in. Once the borrower and bank agree on the terms, the loan is released, and the green renovation can be smoothly executed and documented via the app.   One of the most significant advantages of this technology is that banks now have direct access to validated green data for all the renovations they finance. This paves the way for a new level of transparency and accountability in green financing projects. By combining the Microsoft Azure platform with blockchain technology, Spring offers a solution that guarantees both security and transparency. Green bonds, which are a central part of this initiative, gain added value through this technological innovation. Banks can report the "green return" from their entire loan portfolio in a more accurate and reliable manner. This strengthens their ability to attract investments while providing borrowers with increased insight into their contributions to sustainability.  

Furthermore, the use of blockchain technology for tracking green bonds can contribute to establishing a global standard and harmonizing reporting practices in the field of sustainability. By providing a common platform and transparent traceability, blockchain technology can foster collaboration and exchange of best practices across borders. This can lead to increased standardization of sustainability reporting, facilitating comparability and assessment of company and project performance on a global scale. The Stronghouse project has served as a vital knowledge-sharing platform, and we have gained valuable insights into green data management. With these insights, Spring is ready to tackle a range of future projects, which we hope will commence as early as autumn.

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