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Blockchain, Featured, Technology

World Economic Forum’s Initiative Focuses on Tracking Carbon Emissions with Blockchain

As far as blockchain-based project tracking of greenhouse gas emissions is concerned, the world economic forum happens to be progressing with its innovative solutions. This article throws light on how the world economic forum tests and tracks carbon emissions with the help of blockchain technology. 

Proof of Concept of the World Economic Forum

According to recent announcements, the mining and metals blockchain initiative of the World Economic Forum has released a proof of Concept for tracing carbon emissions concerning metals and mining firms. such an initiative happens to be a partnership between the world economic Forum and 7 industry organizations. Those are Eurasian resources group, Antofagasta Minerals, Anglo American Tata Steel, Monsur and Klockner, and co. 

Aim of the Project

Initially announced in 2019, this project aims to build sustainable practices and responsible sourcing utilizing blockchain technology. Moreover, the initiative intends to accelerate industrial solutions for promoting social, environmental, and government demands along with supply chain visibility using blockchain technology. Being a part of a victorious completion of the proof of concept, a new carbon tracing platform was introduced. The platform focuses on utilizing distributed ledger Technology for tracking carbon emissions, thereby ensuring traceability of carbon emissions from the mine to the ultimate product. 

As per the announcement, the new Carbon tracing platform happened to be created in partnership with industry professionals. Various cryptocurrency startups and Consortium advisers are a part of the same. 

Also Read: Top 10 Global Science and Technology Achievements of 2020

Role of Blockchain

Blockchain has a significant role in communicating with industry organizations. The distributed ledger technology of blockchain facilitates cross-enterprise collaboration and makes it the final networked technology. This comes with attractive new possibilities that companies otherwise would not have the capacity to deliver on their own. The new proof-of-concept highlights how organizations can interact through blockchain technology for increasing value throughout the supply chain. 

Wrapping Up

Numerous organizations throughout the world are actively exploring the advantages of blockchain regarding carbon emissions tracking. Blockchain is being used for creating higher liquidity concerning the carbon market. Moreover, digital carbon exchanges have launched tokenized Carbon credits trading platforms concerning the aviation industry and airlines in Singapore, thereby hoping for a better future for the energy sector.

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