CONTENT
1. A step closer to more efficient carbon credit administration
2. Blockchain and AI technologies were introduced at COP28 for a greener future.
3. Enhanced tools for tracking emissions
INTRODUCTION
Blockchain and artificial intelligence (AI) technologies have the potential to transform environmental asset management and further global sustainability objectives. The platforms offer AI-guided searches, digital reporting standards, and data analysis tools for better sustainability and reliable carbon data. This partnership is a significant step in using blockchain to tackle climate change and promote global sustainability.
- Envision Blockchain and Hedera Hashgraph launched cutting-edge platforms at COP28, improving carbon credit management and transparency.
- The platforms offer AI-guided searches, digital reporting standards, and data analysis tools for better sustainability and reliable carbon data.
- This partnership is a significant step in using blockchain to tackle climate change and promote global sustainability.
A step closer to more efficient carbon credit administration
Using the blockchain technology of Hedera Hashgraph, Envision Blockchain’s Managed Guardian Service (MGS) aims to make the generation and administration of digital environmental assets, specifically carbon credits, more straightforward. The main goal is to increase the voluntary carbon market’s efficiency and openness while improving its accessibility and reliability. The UN Climate Change Secretariat’s Massamba Thioye applauded these improvements and acknowledged that they might transform mitigation strategies for climate change.
Among the many cutting-edge innovations brought by the platforms unveiled at COP28 is the digitalization of UNFCCC methodology. To standardize emissions reduction estimates for carbon credit projects and maintain accurate and uniform reporting throughout the industry, digitalization is an essential first step.
The AI-guided search feature on Envision Blockchain’s platform sets it apart by enabling customers to quickly and easily browse large environmental methodology libraries. Among these is the Clean Development Mechanism (CDM) Methodology Library maintained by the UNFCCC. The platform streamlines the process of choosing a suitable methodology for carbon credit projects by employing artificial intelligence (AI) to filter and display pertinent approaches in response to user inquiries.
A component of the platform called Project Data Comparison improves the study of environmental project data. It improves transparency by enabling users to compare data captured as verifiable credentials (VCs), addressing important concerns such as duplicate counting. Virtual certificates (VCs), which are digital certifications with verified information regarding environmental initiatives, guarantee the accuracy and consistency of data.
The incorporation of the dMRV specification from the Global Blockchain Business Council (GBBC) into the Guardian platforms is a significant accomplishment made possible by this partnership. To foster coordination between the different parties involved in the carbon market, this specification defines digital reporting and verification standards for carbon data. This encourages the industry as a whole to adopt uniform standards and procedures.
The UN-backed collaboration between Hedera Hashgraph and Envision Blockchain marks a turning point in the application of blockchain technology to promote environmental sustainability. By providing a more transparent, effective, and dependable mechanism to handle the urgent global concerns of climate change, these technologies have the potential to completely transform the administration of carbon credits.
Blockchain and AI technologies were introduced at COP28 for a greener future
At the 2023 United Nations Climate Change Conference (COP28), Envision Blockchain and Hedera Hashgraph (HBAR) announced innovative environmental asset management solutions. Powered by blockchain and artificial intelligence (AI), these state-of-the-art carbon credit and emissions tracking technologies are a major step towards improving and digitizing carbon credit management in line with global sustainability goals.
The Managed Guardian Service (MGS) from Envision Blockchain is intended to simplify the development and administration of digital environmental assets, such as carbon credits. It is based on the blockchain technology of Hedera Hashgraph. The main objective is to increase the voluntary carbon market’s dependability and accessibility by bringing efficiency and transparency to it. The UN Climate Change Secretariat’s Massamba Thioye praised these advancements for their potential to transform mitigation strategies for climate change.
Enhanced tools for tracking emissions
The digitalization of UNFCCC methodology is a major highlight of the enhanced features introduced by the platforms revealed at COP28. In order to ensure accurate and uniform reporting processes throughout the industry, standardized emissions reduction calculations for carbon credit projects are made possible by this digitalization.
The platform from Envision Blockchain features an AI-guided search feature that enables users to quickly and easily browse large environmental methodology libraries, such as the Clean Development Mechanism (CDM) Methodology library from the UNFCCC. By displaying pertinent alternatives in response to user inquiries, this novel tool simplifies the process of choosing the best approaches for carbon credit projects.
A component of the platform called Project Data Comparison makes it easier to analyze environmental project data. This feature allows users to compare data captured as verifiable credentials (VCs), which eliminates concerns like duplicate counting and improves transparency. VCs are digital certificates that are safe and provide verified data regarding environmental initiatives.