Blockchain to filter carbon emissions for a greener environment

Blockchain to filter carbon emissions for a greener environment 23457
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Madhurima Roy
Sep 19, 2018 at 9:10 PM

Carbon emission and its adverse impacts on the environment is a much-discussed global concern for a long time now. Several organizations have attempted so far to control carbon emissions. With the rise in population, the issue is not only persisting but also swelling every passing day. And, as blockchain has made a ground breaking entry in almost every nook and corner, now the advanced technology is being implemented to reign the environmental hazards created by carbon discharges.

As reported by Forbes, the employment of blockchain technology will very likely address the roadblocks like transparency, trust & scalability, and also advance the carbon market.

Blockchain for Climate Foundation, a startup headquartered in Canada, is dedicated to recover the global carbon markets. The blockchain platform is currently occupied with building a blockchain tool that connects all the carbon accounts.

Founder of the not-for-profit startup Joseph Pallant upholds distributed ledger technology as a promising asset in carbon trading all over the globe.

Pallant, said: “We want to support and accelerate this goal by building a smart contract protocol that tracks ITMOs leveraging the Ethereum technology stack and scales, to accommodate use by every country in the world. There will be enough data embedded in each of the tokens so the provenance and eligibility of each tonne of emission reductions is clear.”

Another company consistently working in the UK carbon markets is Poseidon. With its Stellar blockchain, the company is working to advance the carbon market. Poseidon has come arm in arm with Ben & Jerry’s and Liverpool City Council.

Praising the Stellar blockchain technology, Laszlo Giricz, the CEO of Poseidon, said: "When we realised that on the Stellar blockchain transactions could be done in three seconds and at such a low cost, we realized we were now able to transact in grams of carbon. For the first time carbon credits could be integrated into retail transactions at the point of sale.”

Partnering with Ben & Jerry’s Icecream, Poseidon could conserve more than 4,000 trees already. And, with Liverpool City Council, the company is striving to slash the city’s carbon emissions by 110% in the next two years.

“Along with the City Council we’re going to be working with a range of companies from across Liverpool – including those in the retail and infrastructure sector, schools, transportation services and garbage collection. The goal is to make the carbon cost of every product or service in Liverpool transparent and to provide the opportunity, through our retail interface, for it to be easily offset,” Giricz said.

 

SEE ALSO: Abu Dhabi seeks regulations for cryptocurrency and ICO to deter “financial crimes”

SEE ALSO: Attorney General’s report implies Binance, Kraken might be violating New York crypto laws

 

Image via Shutterstock

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