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Hi there, lovely steemains! I hope we are all doing great as always. And I hope we are not relenting in acquiring crypto knowledge through posts here on the steemit blockchain. Best never to relent coz you can never foretell what might hit you next. It just might be another darn good project as this one – I mean that rare stuff we stumble across once in a rare while on blockchain.
So in today’s discussion, we’ll be looking at this rare gem of a projet called carbon chain. To my knowledge, this is the first blockchain project that seeks to redress the persistent menace of gas emissions with its attendant consequences. We know full well the fact that we live in a modern age which rely heavily on industries in meeting most of its needs. The sorry fact here is that these industries emit so much wastes which constitute ecological hazards to living creatures – from the tiniest plants around us to full grown the human beings. These ecological hazards take the form of climate change and global warming which have adverse impacts on living things and threaten their very existence.
This pitiable situation has since warranted actions from countries around the globe and international bodies such as the United Nations as they converged to lay out policies that would check the menace and protect their regions and indeed the world at large from the harassing impacts of carbon dioxide emissions. These convergence and concerns gave birth to the Paris Agreement in which countries reached a consensus to limit their emission of gasses. The agreement has been successful partly with the adoption of an emissions trading scheme by which countries and companies are charged per ton metric on their gas emissions. Here, companies in some countries are obliged to buy carbon offsets/carbon credits to limit their carbon emissions.
However, like most things which have their up and down sides, this mechanism of carbon trading has been laden with challenges such as fraud, high taxation, high rates of exchange of currencies, high cost of transaction, etc all of which combine to render carbon credit trading ineffective in a sense.
The Emergence Of Carbon Chain
Carbon chain is an emerging blockchain project that aims to make the purchase/trading of carbon credits easy and transparent. As seen from our discussion so far, there ‘s an existing market for carbon trading as countries and corporations have been into to it for some years all in a bid to check their gas emissions. Therefore carbon chain is not an absolutely novel project. What makes it unique however is the fact that although it is established on an existing market, it utilizes the innovative blockchain technology in the trading of carbon credits. With carbon chain, the trading of carbon credits would be facilitated on the carbon chain exchange using the carbon chain token(CCT). By harnessing this trending technology, carbon chain will make carbon credits readily accessible to a wider audience/market than is presently the case.
More so, the fact that blockchain is a decentralized technology would help carbon chain solve some of the challenges currently in carbon trading markets chief among which is fraud. It would equally help reduce transaction costs in carbon trading, catalyze transaction speed, and foster efficiency in transaction processing. Blockchain technology is also very secure and enables tracking of transaction records hence, it promotes transparency in carbon credits trading. These would invariably go milestones in boosting confidence especially in gas emitting companies and make them willing to comply with the Paris agreement by reducing their gas emissions.
For more information on carbon chain project, feel free to visit their official website at https://carbonchain.org/#home
And read their whitepaper here: https://carbonchain.org/wp-content/uploads/Carbon-Chain-White-Paper-21-Aug.pdf
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Bounty0x username: diana1