IBM Develops A Blockchain Platform To Reduce Carbon Emissions

IBM Develops A Blockchain Platform To Reduce Carbon Emissions

IBM has claimed to have created the world`s first blockchain “green asset management platform” in China. The aim of the platform is to decrease emissi

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IBM has claimed to have created the world`s first blockchain “green asset management platform” in China. The aim of the platform is to decrease emissions, while supporting low carbon emission-enabling technology.

The blockchain-based carbon management application is developed for enterprises and uses the open source Hyperledger Fabric. It is a collaborative project by IBM and Chinese company Energy Blockchain Labs. The two companies completed a proof-of-concept run of the platform in late 2016.

The application has been released at a time when China is trying to reach climate change action targets pre-2020. The country has signed an action plan as part of the Paris Agreement (available at https://www.c2es.org/publications/chinas-contribution-paris-climate-agreement). The latter tries to build a standard nationwide carbon market, as the publication noted.

The application launched by IBM works as a carbon credit management ledger that will enable carbon asset development aka CER or carbon emission reduction quota issuing, a popular way of encouraging small companies and bigger enterprises to reduce their carbon footprint, as IBM stated in a quote that appeared in cryptocoinnews` article.

Blockchain technology is expected to become an important means for effective control of carbon emissions, which is of great significance to China, the world’s largest source of carbon emissions.”, said Cao Yin, Chief Strategy Officer of Energy-Blockchain Labs as quoted by 03.ibm.com.

“As an important signatory of the Paris Agreement, China must assume its responsibility for global climate governance and continue to fulfil its pre-2020 climate change action targets and build a standard nationwide carbon market.”, said Li Junfeng, Director of China’s National Climate Change Strategy Research and International Cooperation Center (NCSC) as quoted by IBM`s press release.

“We must work to limit high energy consumption and high emission industries, encourage clean energy development and further promote energy saving and emission reduction. These tasks are not only necessary for China’s own sustainable development, but for the welfare of the entire human family.”, added Junfeng.

IBM`s blockchain-based carbon management platform is expected to have a beta release in May before the solution can be commercially offered in late 2017.

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