UAE Tech Researchers Roll Out Lightweight Blockchain for Carbon Trading

cryptonews.com:

The Technology Innovation Institute in Abu Dhabi has launched a blockchain geared towards tracking carbon emissions and facilitating trading amid growing climate concerns.

In a Dec 5 post on X (Twitter), the institute disclosed that its Cryptography Research Center has launched the blockchain as it represents the country’s commitment and drive to leading the world’s climate narrative.

Our Cryptography Research Center (CRC) today launched its very own blockchain-powered carbon trading platform to facilitate international trade in carbon tokens. pic.twitter.com/0ablTqxfbY

— Technology Innovation Institute (@TIIuae) December 5, 2023

“Our Cryptography Research Center (CRC) today launched its very own blockchain-powered carbon trading platform to facilitate international trade in carbon tokens.”

The new revelation comes during the United Nations Climate Change Conference (COP 28) with pledged pledges to lower emissions and steer multiple sectors towards greener energy.

Utilizing the concept of carbon trading and tracking will give firms the right idea of their environmental impact and its deployment on the blockchain means it is public, encouraging wider participation which will drive bigger players to fulfill all promises.

According to the statement, the projects will allow for the trade of carbon tokens internationally, monitor greenhouse projects, and incentivize platforms to participate to lower emissions as a whole.

Organizations record their emissions on the network in a manner open for all spurring users to create tokens that measure carbon removed from the company’s operation either through capture or trading.

Developed as a lightweight blockchain, its operation has been described to minimally affect the environment as it