New Open-Source Platform for Carbon Markets
A new open-source Managed Guardian Service (MGS) platform has been announced by Envision Blockchain, HBAR Foundation, and Swirlds Labs at the 2023 United Nations climate change conference. This platform aims to digitally transform carbon markets using decentralized blockchain technology.
Digitized Measurement, Reporting, and Verification System
The MGS platform offers a digitized and digital measurement, reporting, and verification (dMRV) system for carbon markets. Developed in collaboration with the UN Climate Change Global Innovation Hub and built on the HBAR blockchain, this system streamlines the complex process of creating carbon credits.
Features of the dMRV Platform
The dMRV platform includes features such as an artificial intelligence (AI) search and Guided Search for the UNFCCC’s Clean Development Mechanism Methodology library. It also offers a Project Data Comparison feature that allows users to contrast data recorded as Verifiable Credentials (VCs).
Enhancing Trust and Transparency
By digitizing and open-sourcing methodologies, the dMRV platform aims to enhance trust and transparency in carbon markets. This enables registries, project developers, and other stakeholders to use digital technologies to resolve trust issues.
Improving Authenticity and Transparency
The comparison tool provided by the dMRV platform improves authenticity and transparency in environmental projects by addressing double counting issues based on the Paris Agreement. It offers a detailed project data analysis using Verifiable Credentials (VCs).
Hot Take: Revolutionizing Carbon Markets with Blockchain
The new open-source Managed Guardian Service (MGS) platform has the potential to revolutionize carbon markets by leveraging blockchain technology. With its digitized measurement, reporting, and verification system, the platform aims to enhance trust, transparency, and authenticity in environmental projects. By providing features such as AI search, Guided Search, and Project Data Comparison, it streamlines the complex process of creating carbon credits and ensures compliance with the Paris Agreement. This innovation marks a significant step forward in the fight against climate change and the transition towards sustainable practices.
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