CarbonChain
Introduction
In the last ten years, we have witnessed the development and launch of countless technological innovations. These innovations have been made to ensure that most of the problems we face as humans are solved. While we seek to solve certain life problems, we have created one that might just be greater than we envisaged. This problem is climate change which is basically an increase in the global temperature of the universe caused by the accumulation and emission of greenhouse gases.
This change in climate, as well as the accumulation of greenhouse gases, will result in extreme weather conditions, disrupted climate systems, countless diseases etc.
Kyoto Protocol And Paris Agreement
To curtail this increasing demand for technological innovations as well as reduce the amount of greenhouse gases that is accumulated, the Kyoto Protocol was inaugurated. This protocol sets to put up certain limits, as well as punishments on carbon dioxide emissions in developed countries. By the end of the year 2020, the Kyoto Protocol will be superseded by the Paris Agreement. This phase will see carbon credits being traded from CDM (Clean Development Mechanism) projects at cheap prices. These credits will be traded not just to developed countries, but also to companies in order to help them reduce their emissions.
Since most companies and countries have started adopting this trade initiative in order to be in compliance with the Paris Agreement, credit carbon has become the main instrument.
Industry Problems
While the credit carbon industry has become a global one, most of these countries and companies seeking to buy these credits have been faced with certain problems. Some of them include; fraud, crimes, taxation problems, international transactions issues, currency fluctuations etc. With these problems still unsolved, there is a need for an initiative step to be taken to reduce the cost of transactions, as well as introducing trust and certainty into the system.
Solutions To Industry Problems
The CarbonChain platform is that initiative step that has been taken to make the carbon credits industry effective. The aim of this platform is to create an avenue or means with the help of the blockchain technology that would allow anyone in the world to participate in solving the climate change problem. They plan to do this through the Carbon Chain Token (CCT).
CarbonChain's Core Values
The CarbonChain platform seeks to achieve their sole goal of making carbon credits available for all by building on these core values;
• Transparency
• Sustainability
• Innovation
With these values and the CCT, the developers of this platform are confident that a social, meaningful, environmental, and sustainable difference to the impact of climate change over the last couple of years. The CarbonChain platform will be able to sell carbon credits at reduced or discounted rates by making use of the CCT and an e-powered wallet.
Team Of Developers
This platform was formed by the Executive Panel which is made up of;
• Steve Ireton; CEO, Chairman and Founder.
• Dr. John Kilani; The Deputy Chairman as well as the former Chairman of UNFCCC CDM.
• Karin Ireton; Previous Chairperson of the Global Reporting Initiative Council (GRIC) and other team members.
Conclusion
CarbonChain will be an exceptional project that will solve a real-life problem. The team has a vision to enhance the condition of the environment and the global climate. Utilizing the blockchain technology in their mission, CarbonChain will be able to solve some problems that has since plagued the carbon credit industry.
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