“Carbon today is the primary component for the production of fuels and electricity. Water is the key input factor across all agriculture products. Neither is valued in any conventional commodity price today,” says Joe Madden, Xpansiv CEO. This blind spot in commodity pricing is likely to change dramatically over the coming decade, driven by global resource constraints, increased demand for investments that screen demonstrably for ESG criteria, and the rapid proliferation of available (and increasingly standardized) data across financial asset classes. As a result, Xpansiv is building a parallel trading market for differentiated commodities—an “intelligent commodities” exchange. This evolution will add clarity and precision (and perhaps even more liquidity) to the multi-trillion-dollar market for global commodities, a market that still relies largely on analog trading infrastructure from more than a century ago, when data itself was the scarcest resource.