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Blockchain Technology Could Help Accelerate Climate Action

Runaway climate change over the past decades has drawn the attention of the world, and global leaders have been scrambling to come up with measures to halt or even reverse some of the effects accelerating global warming. Grand promises have been made, but action is woefully inadequate as we head to the 2050 deadline to net-zero.

However, blockchain technology can be leveraged to unlock the carbon market and scale the use of carbon credits in the fight against climate change. Currently, registries such as Gold Standard and Verra issue carbon credits to organizations and entities that can’t avoid generating greenhouse gases in their operations. The funds generated from the sale of those carbon credits are invested in projects that are ecologically friendly and absorb carbon from the atmosphere.

By taking the process of issuing and trading carbon credits onto blockchain systems, tracking and exchanging as well as permanently retiring the carbon credits is possible. This is because blockchain enables transactions to be decentralized, permissionless and transparent to all stakeholders.

The sole objective of taking carbon trading onto blockchain systems is to foster investment into projects that put the planet first. This attention to the positive activities that go beyond simple investments is now being called Regenerative Finance (ReFi). By developing solutions that are all-inclusive, sustainable and transparent, an era is dawning in which technology-driven climate actions can play a significant role in the investments geared at saving the planet from the ravages of climate change. Some of those solutions include the following:

Native carbon tokens. Carbon credits can be wrapped into digital tokens, and they will take on functionalities common to DeFi tokens. Growth can then be promoted as sector actors trade these carbon tokens just as they would any other digital asset.

Automatic market makers. When carbon trading is put on a blockchain, it is possible to create extremely liquid pools of these assets, which can be exchanged efficiently and transparently on specially created exchanges similar to SushiSwap and Uniswap. Such exchanges can address the weaknesses inherent in over-the-counter or illiquid markets.

Public and immutable blockchains. In the current patchwork of carbon trading, it is possible for some carbon credits to be counted more than once becauase there is no centralized way of tracking them. Once these carbon credits are put on a blockchain, such double counting is impossible since the destruction of any such carbon credit is effected throughout the system. Traceability and transparency foster greater participation due to the possibility of public scrutiny of the blockchains.

There are nearly endless possibilities of where and how blockchain technology can be deployed, and entities such as Tingo Inc. (OTC: TMNA) are taking the lead in coming up with solutions that address the different needs of society.

NOTE TO INVESTORS: The latest news and updates relating to Tingo Inc. (OTC: TMNA) are available in the company’s newsroom at http://ibn.fm/TMNA

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