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An Abu Dhabi government-affiliated research center has launched a new blockchain-powered carbon tracking and trading platform. The platform, unveiled at the United Nations Climate Change Conference (COP28), enables the international trade of carbon tokens linked to investments in green projects. Built by the Technology Innovation Institute’s Cryptographic Research Center, the blockchain can track carbon emissions from any worldwide public or private organization. Users can create tokens that measure the amount of carbon dioxide removed from the environment, which can be tracked throughout the supply chain journey.
The platform has various potential use cases, including peer-to-peer energy trading, waste disposal tracking, recycling activities, and forestry management efforts. Auditors will ensure transparency and security on the platform. The lightweight and efficient blockchain implementation allows for low-cost trading. The launch of this platform reflects the UAE’s ambition to become a technology powerhouse and its commitment to leading the world’s climate action agenda.
Blockchain technology has been used for the creation and management of carbon credits for years. Efforts are also being made by blockchain networks to reduce energy usage. The Solana Foundation launched a real-time carbon emissions tracker for the Solana network, while Ethereum transitioned from proof-of-work to proof-of-stake, significantly reducing its energy consumption. Bitcoin miners are increasingly using renewable sources to reduce emissions. Other blockchain-based projects, such as Power Ledger and Energy Web, are focused on implementing decarbonization solutions.
The COP28 conference, which began on November 30 in Dubai, will conclude on December 12.