Blockchain Tech: Boost Transparency of Climate Credits & Earn $3,000
• Blockchain technology is being used to increase transparency in the carbon credit market.
• Companies such as Toucan, Return, and Open Forest Protocol are leveraging blockchain for their climate initiatives.
• By introducing competition and scientific rigor, blockchain can ensure that projects are effective in reducing emissions.
What Are Carbon Credits?
Carbon credits are a way for companies to bankroll environmental projects aimed at preserving the planet from poor climate activity. However, there has been some lack of transparency when it comes to determining if these credits have had any real effect on keeping the environment clean and clear from pollution.
How Can Blockchain Help?
Blockchain technology is presenting several answers to this problem by connecting various groups together to ensure that a project’s merits are in place and that participation in said projects is incentivized. Additionally, it provides criteria for using and issuing climate credits properly so companies can be sure they’re doing their part for the environment without wasting resources on ineffective methods.
The Benefits of Blockchain
By introducing competition and scientific rigor into the industry through blockchain technology, companies can rest assured that their efforts towards reducing emissions won’t go to waste because they will have proof that their initiatives are actually working. Additionally, they will also be able to track the progress of these projects more easily with transparent records provided by blockchain technology.
The Views of Industry Leaders
Erin Murphy – the chief growth officer at Topl – believes that blockchain can provide answers eco-friendly individuals seek while Salmeron Barnes – co-founder and managing director of Aureus Earth – sees financial tools built on blockchain as a way to encourage carbon reduction initiatives even further.