An Abu Dhabi Government-Affiliated Research Center Launches Blockchain-Powered Carbon Tracking and Trading Platform
An Abu Dhabi government-affiliated research center has introduced a new blockchain-based carbon tracking and trading platform. The platform, unveiled at the United Nations Climate Change Conference (COP28), enables the international trade of carbon tokens tied to investments in green initiatives like forestation and carbon capture. Developed by the Technology Innovation Institute’s Cryptographic Research Center, the blockchain can track carbon emissions from any public or private organization worldwide. The platform will likely be utilized for peer-to-peer energy trading, waste disposal tracking, recycling activities, and forestry management efforts. Auditors will ensure transparency and security on the platform.
TII CEO Highlights UAE’s Commitment to Leading Climate Action
TII CEO Ray O. Johnson expressed pride in the digitized tracking and trading platform, stating that it signifies the UAE’s drive to become a technology and innovation powerhouse while leading the global climate action agenda.
Blockchain Technology in Carbon Credits and Energy Reduction Efforts
Blockchain technology has been extensively used for the creation and management of carbon credits. However, there is also a growing focus on reducing energy consumption within blockchain networks. For example, the Solana Foundation launched a real-time carbon emissions tracker for monitoring energy use on its network. Ethereum transitioned from proof-of-work to proof-of-stake, significantly reducing energy consumption. Bitcoin miners are increasingly adopting renewable energy sources to minimize emissions. Other blockchain projects like Power Ledger and Energy Web are also dedicated to implementing decarbonization solutions.
COP28 Conference Details
The COP28 conference began on November 30th in Dubai and will conclude on December 12th.
Hot Take: Abu Dhabi Introduces Blockchain-Powered Carbon Tracking Platform at COP28
An Abu Dhabi government-affiliated research center has launched a blockchain-powered carbon tracking and trading platform at the United Nations Climate Change Conference (COP28). The platform allows for the international trade of carbon tokens linked to investments in green projects. It aims to facilitate peer-to-peer energy trading, waste disposal tracking, recycling activities, and forestry management efforts. With auditors ensuring transparency and security, this lightweight and efficient blockchain implementation aligns with the UAE’s commitment to becoming a technology and innovation powerhouse while leading global climate action. Blockchain technology has been instrumental in managing carbon credits, and efforts are being made to reduce energy consumption within blockchain networks. COP28 is ongoing in Dubai until December 12th.
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