04 Nov Blockchain literally saves the world
Beijing, China – In the 21st century, climate change has been a much-discussed topic by scientists from every corner of the world. The alarmingly increasing rate of global warming mainly due to carbon emissions, has made 2016 the warmest year in history.
Global warming issues have brought world leaders together on many occasions, as they cooperate to combat the daunting task of reducing carbon emissions. However, it is only recently that a compelling solution was found.
Reducing carbon emissions begin with managing carbon footprints on an industrial scale. Businesses would require an accurate ledger to track all carbon emissions, be it in manufacturing or farming. Blockchain technology offers such capabilities, guaranteeing transparent and verifiable records that cannot be tampered with. It will replace the current carbon tracking system that was created by the United Nations as it lacks visibility and credibility. There is also the issue of double counting carbon incentives and having different standards in different jurisdictions.
This is where “carbon currency” comes into play. With a new universal ledger, governments are able to assign culpability accurately and reliably. Carbon currency can be used to pay for the negative carbon impact created and likewise be used to rebate carbon reduction projects.
Sustainable projects to regrow or preserve the rainforests are one of the most effective means of reducing carbon emission in an extensive and economical way. The forest ecosystem is a natural counter to carbon dioxide as they recycle and reduce carbon footprints. In order to incentivize green projects, carbon credits can be offered to motivate businesses to lessen their negative impact on the environment.
Carbon currency could also motivate the development of peer-to-peer renewable energy trades. Businesses will now be able to trade or exchange renewable energy assets freely on a cryptocurrency exchange.
Jon Downing, CEO of Quotient Capital explains, “Blockchain technology enables us to allocate a financial value on the planet’s resources, something that was never done before. This means that we will now know exactly how much of the environment goes into every manufactured product, and more importantly who are the parties responsible. This is a significant leap towards world preservation. Quotient Capital is currently exploring all potential opportunities that could arise from these exciting developments.”