An Abu Dhabi government-affiliated research center has announced the launch of a new blockchain-powered carbon tracking and trading platform amid efforts from the United Arab Emirates government to lower emissions toward net zero.
The new blockchain was unveiled at the latest United Nations Climate Change Conference (COP28) on Dec. 5 and will enable the international trade of carbon tokens linked to investments in green projects, such as forestation and carbon capture.
The platform was built by the Technology Innovation Institute’s (TII) Cryptographic Research Center, according to a Dec. 5 statement by the TII. The blockchain can track carbon emissions by registering the emissions from any worldwide public or private organization, the TII noted.
TII is affiliated with Abu Dhabi’s Advanced Technology Research Council, a government entity in Abu Dhabi. It is considered a key component in pushing the “UAE Vision 2021” aimed at strengthening the country’s economy and “nurturing and sustainable environment for quality living.”
Users can create tokens that measure a certain amount of carbon dioxide removed from the environment, which can then be tracked throughout its supply chain journey, TII added.
Peer-to-peer energy trading, tracking waste disposal, recycling activities and forestry management efforts are among the most likely use cases that the blockchain will be used for.
Auditors will also be involved to ensure the platform remains transparent and secure.
The institute said it adopted a lightweight and efficient blockchain implementation not intended to be “computationally wasteful,” where trading can be facilitated at little to no cost.
TII CEO Ray O. Johnson said the blockchain solution is a step in the right direction toward UAE becoming a world leader in technology:
“We are proud to announce this digitized tracking and trading platform at COP28, representing the UAE’s drive to become a technology and innovation powerhouse and its commitment to leading the world’s climate action agenda.” Blockchain technology has been used for the creation and management of carbon credits for years now.
Meanwhile, there are increasing efforts by blockchain networks to reduce their energy usage.
The Solana Foundation launched its own real-time carbon emissions tracker to monitor energy use on the Solana network. Ethereum transitioned from proof-of-work to proof-of-stake in September 2022, slicing its energy consumption by over 99.9%, while Bitcoin miners are increasingly resorting to renewable sources to reduce emissions.
Power Ledger and Energy Web are among the blockchain-based projects also focused on implementing decarbonization solutions.
COP28 commenced on Nov. 30 in Dubai and finishes on Dec. 12.
Source : Cointelegraph / Dec 7, 2023