Introducing the Blockchain Solution
An Abu Dhabi government-affiliated research center has unveiled a new blockchain-powered carbon tracking and trading platform. The platform, developed by the Technology Innovation Institute’s Cryptographic Research Center, was announced at the United Nations Climate Change Conference (COP28) on Dec. 5. It aims to facilitate the international trade of carbon tokens linked to investments in green projects, such as forestation and carbon capture.
Tracking Carbon Emissions
The blockchain platform has the capability to track carbon emissions by registering data from any public or private organization worldwide. This development aligns with the United Arab Emirates government's efforts to reduce emissions and work towards a net-zero future. The initiative is part of the UAE's broader "UAE Vision 2021" plan, which focuses on strengthening the country's economy and creating a sustainable environment.
Use Cases and Auditing
The newly launched blockchain platform can be utilized for various purposes, including peer-to-peer energy trading, waste disposal tracking, recycling activities, and forestry management efforts. To ensure transparency and security, auditors will be involved in overseeing the platform's operations.
The UAE's Technological Ambition
The launch of this blockchain-powered solution reflects the UAE's ambition to position itself as a technology powerhouse and a leader in global climate action. By leveraging blockchain technology, the country aims to accelerate its progress towards becoming a world leader in technology and innovation.
Progress in the Blockchain Industry
Blockchain technology has already been utilized for the creation and management of carbon credits. Additionally, there is an increasing focus within the blockchain industry on reducing energy consumption. For instance, the Solana Foundation has introduced a real-time carbon emissions tracker to monitor energy use on the Solana network. Ethereum has transitioned from proof-of-work to proof-of-stake, significantly reducing its energy consumption. Bitcoin miners are also increasingly utilizing renewable energy sources to minimize emissions. Other blockchain-based projects, such as Power Ledger (POWR) and Energy Web (EWT), are actively working on implementing decarbonization solutions.
The COP28 conference, which began on Nov. 30 in Dubai, will continue until Dec. 12.
