How can Blockchain technology help save the earth?
The impact of global warming and climate change is undeniable. If nothing is done soon enough, it is possible that our future generations will suffer from this. To help with carbon neutralization, the CNT foundation will be creating the Carbon Trading Agreement. This is a blockchain system that is publicly available and will be focusing on carbon emissions trading as well as carbon neutrality. According to the CNT Foundation, blockchain technology is capable of solving the basic contradictions present in the market of carbon emission. Through carbon emission trading and carbon offset, they aim to get rid of the negative problems brought upon the environment because of the blockchain POW consensus mechanism.
The goal of CNT is to create an open and transparent carbon removal market. Multiple doses will be used for storing the data on the carbon market. Since the carbon trading process will be centralized, which will result in quick participation in the new carbon sink market trading. It is possible to verify the carbon trading, carbon neutralization data circulation and carbon sink assets on the chain at any time for improving credibility. This will also solve the problem of double calculation and information transparency. When it comes to cross-regional and transnational regional markets, this will improve the transaction content’s authenticity, attracting participation from more organizations and expansion of global carbon neutralization.
With blockchain, there will be a more efficient and cost-effective, and safer market for carbon emission trading. Economic and efficient carbon trading activities will encourage participation from carbon emission companies. They will upgrade their industrial structure and invest in technological innovation to reduce emissions and save energy.