The Abu Dhabi-based Technology Innovation Institute (TII) has launched a blockchain-powered carbon tracking and trading platform, which will facilitate international trading of carbon tokens.
TII is a world-leading scientific research center and the applied research pillar of the Abu Dhabi Advanced Technology Research Council (ATRC). The platform aligns with the UAE Vision 2021 goal of accelerating a sustainable environment and achieving net zero emissions, as well as the COP28 goal of “accelerating a transition that puts our economies on the path to a new low-carbon, high-growth economy. sustainable economic model in a way that is both transformative and fair.”
Announcing the launch of the digitalized platform at COP28 in Dubai, Dr. Ray O. Johnson, CEO of TII, said: “The UAE has provided the tool to ensure that trade can be conducted with confidence, by while mitigating human impact and maximizing environmental benefits.”
The platform designed by TII’s Crypto Research Center will support the global carbon market and enable better tracking of carbon emissions and carbon emissions trading. Using a lightweight and efficient blockchain implementation that generates no computational waste, unlike existing blockchain projects, tracking and trading activities can be publicly verified with little or no cost, whether in carbon emissions or Another resources.
“This tracking and trading platform was designed by our talented team of international experts and allows a large number of verified users to conduct carbon tracking and trading transactions confidentially,” said Dr. Najwa Aaraj, Chief Researcher at the Center for TII Cryptography Research.
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“It protects transaction integrity and user privacy while ensuring auditability and transparency, making it a perfect tool for a new era of secure carbon trading.”
How the digital platform works
While other organizations are also developing digital carbon trading platforms, TII is the first to implement a blockchain-enabled proof of concept while continuing to prepare the platform for global trading. The platform will accurately track carbon emissions by recording the emissions of any public or private organization globally. Auditors can then establish a chain of trust from emissions, from capture to storage and trade. These audited transactions can be made transparent while keeping the privacy of the user (issuer, buyer or third party) intact.
TII’s new platform will allow the creation of tokens that represent an amount of carbon dioxide that has been removed from the environment. The token can then be stored and traded transparently and securely. The exchange tokens will create incentives to drive investment in green projects such as forestry and carbon capture and will allow entities to offset activities that are difficult to decarbonize, further incentivizing green investment.
Specifically, blockchain can track and trace products throughout their journey in the supply chain, enable peer-to-peer energy trading, and create a transparent, immutable ledger of waste disposal and recycling activities. It can also help track water and forest management efforts.
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