The Technology Innovation Institute (TII) has unveiled a blockchain platform for tracking and trading carbon tokens. The solution is designed to facilitate investment in environmental projects by providing transparency and security for trading carbon market credits.
The Technology Innovation Institute (TII), a world-leading research and development center that is part of Abu Dhabi’s Advanced Technology Research Council (ATRC), has announced the launch of a DLT-powered carbon credit tracking and trading platform.
The platform developed by the center enables the creation of tokens representing the amount of carbon dioxide removed from the environment. These tokens can then be sold to companies and organizations whose activities generate large CO₂ emissions into the atmosphere. Thus, buyers of carbon credits will invest in green projects and offset the effects of their activities.
According to Najwa Aaraj, Head of the Cryptography Research Center (CRC) at TII, the use of blockchain to power the platform enables verified tracking and trading of carbon tokens with minimal costs. The DLT system built for the platform is computationally intensive to ensure the integrity of transactions and the privacy of its users. Yet, blockchain ensures that carbon tokens are tracked all the way from creation to sale and disposal.
The initiative was unveiled as part of the UN Climate Change Conference (COP28), which is taking place in Dubai from November 30 to December 12. According to Ray O. Johnson, CEO of TII, the initiative is aimed at international carbon token trading, highlighting the UAE’s commitment to becoming a tech and innovation leader in global efforts to combat climate change.
Web3 technologies are actively used in various environmental conservation initiatives. The concept of regenerative finance (ReFi) has gained wide popularity in recent years.
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