CARBON CHAIN: Saving the World Using Blockchain Technology

The modern world we lived in had in recent time being plagued by the occurrence of wild climate condition which are mostly the consequence of increased emission of greenhouse gases due to the rapid development of the world's technology. Forest trees are source that helps to mitigate the amount of carbon which is a greenhouse gas, present in the atmosphere. These forest trees are being cleared in favour of constructing industries which in return are great contributors of green house gases. Our modern world is developing through breakthroughs in technology but suffering at the same time with the increase in the emission of greenhouse gases.

Actions such as burning fossil fuel contributes largely to the current harsh weather condition which is termed “Global warming”. Green house gases causes the depletion of the ozone layer,a layer of the atmosphere that protects it from direct and harmful UV radiation. Human survival is under threat.

GLOBAL WARMING

Global warming is define as the increase in the global temperature. Global warming causes severe conditions like;

1. Melting of polar ice cap that tends to increase sea water level.
2. increased global temperature that causes temperate region to be warmer:thus affecting the survival of plants and animals which are already used to temperate weather condition.
3. Heat borne diseases.
4. Extreme weather conditions.

Greenhouse Gases

Greenhouse gases are non biodegradable gases like carbon produced through human activities like burning of fossil fuel and are harmful to the earth ozone layer: a layer of the atmosphere that protects the earth from direct impact of harmful UV radiation from the sun. Because they are not biodegradable, these gases travels continously until they reach the stratosphere: a layer of the atmosphere that has the highest concentration of ozone, where they are chemically biodegradable and form halogen radicals that react with ozone and depletes it.

These gases are made up tiny particles and are capable of trapping heat. Long wave radiation emitted by earth surface at night are trapped by greenhouse gases present in the atmosphere causing rise in temperature.

Sources:

Global warming are majorly caused by the emission of green house gas such as Carbon through actions like burning of fossil fuel, industrial emission of carbon, and use of coolant like chloro-floro-carbon (CFC).

CARBON CREDIT: UN EFFORT IN REDUCING THE RATE OF GREENHOUSE GAS EMISSION

Over the years the United Nations (UN) has put in unerring effort to mitigate the rate of green house gases emission. In 1997, a Kyoto protocol agreement was reached to mitigate the emission of greenhouse gases in developed countries and also place penalties on offending individuals and organisations, and In 2018 another agreement was reached in Paris, France, called “Paris Agreement (UNFCCC, 2018)”.

CARBON CREDIT AND MARKET MECHANISM

Carbon credit is a generic term for any tradable certificate or permit representing the right to emit one tonne of carbon dioxide or the mass of another greenhouse gas with a carbon dioxide equivalent (tCO 2e) equivalent to one tonne of carbon dioxide.

Initiated under the Kyoto protocol, carbon credit will become tradeable under Article 6 of the Paris agreement which will supersede the Kyoto protocol come 2018. One carbon credit is equal to one tonne of carbon dioxide, or in some markets, carbon dioxide equivalent gases.

Developed countries and organizations emitting most of the greenhouse gases, in other to meet up their target for carbon emission, buys credit generated from other part of the world that emits little amount of carbon but also suffers from climate change as a means of compensation.

Carbon credits and carbon markets are a component of national and international attempts to mitigate the growth in concentrations of greenhouse gases (GHGs).

There are several types of carbon credits mainly defined upon their purpose.These purposes are Verified Emission Reduction (VERs) for voluntary offsetting and Certified Emissions Reductions (CERs) for compliance offsetting. The CDM (Clean Development Mechanism) facilitates CERs, which are the most successful offsetting tool currently in use today and will be transferred in terms of the Paris Agreement with added sustainable development goals introduced by the UNFCCC ( based on the Millennium Development Goals) and host countries approval.

Challenges in Managing Carbon Credits

Acquisition of carbon credit is a lengthy process so is the uncertainty and unscrupulous way of which it’s being managed.

1. Lack of credibility: It is hard to know if validation and verification stndards are followed
2. Third-party influence: Political influence are not new when it comes to international laws. a carbon tax is mostly set by the political authorities in permit creation and setting a cap or tax on emissions and can easily compromised under pressure from the super power nations.
3. Transparency: The whole process of carbon credit procurement is a lengthy one making real time monitoring near impossible thus lack of transparency as credits can be mismanaged with no proper monitoring.
4. High cost of creation: That is it, it's quite expensive!

BLOCKCHAIN SOLUTION: CARBON CHAIN

What is Carbon Chain

Carbon chain is a blockchain based platform that provides countries and organizations with a blockchain backed public ledger to help show the rest of the world how they are achieving their National Determined contributions to the Paris carbon emission agreement.
The Carbon Chain Program acquires carbon credits directly from registered projects by investing in the registration and issuance costs. This creates carbon credits rather than buying them, which will allow Carbon Chain to create a sustainable business in which to operate.

Carbon Chain Business Model

The Carbon Chain Program acquires carbon credits directly from registered projects by investing in the registration and issuance costs. This creates carbon credits rather than buying them, which will allow Carbon Chain to create a sustainable business in which to operate. The funds for acquisition are raise through Token Generation Event (TGE).

Carbon Chain will be able to sell it carbon credit at a reduced price, thanks to it blockchain powered Carbon Credit Exchange (CCX) and it Carbon Credit token (CCT).

Advantages of Blockchain to Carbon Credit Program

Developed to impart transparency and enable auditing of any financial system, blockchain technology will bring the much needed transparency, accountability, low cost efficiency, and security to help drive the carbon credit cause.
Blockchain is a decentralized open ledger book and can help in many ways which include;

● Blockchain technology will bring decentralization to the center stage bringing an end to third-party factors like political influence therein giving room for transparency and accountability.

● Helps eliminate double counting and tracking of critical data via it block storage ability.

● Blockchain will help speed up the process of carbon trading as it decentralized and requires no third party for clearance.

● Saving transactions in blocks and immutability of the Blockchain system enables easy tracking of carbon credits.

● Cost efficient

THE CARBON CHAIN ECOSYSTEM

**Carbon Credit Exchange (CCX) **

A blockchain exchange platform owned by carbon chain that will give carbon credit to government looking to meet up their target for carbon emission.

Carbon Chain Token (TOKEN)

Carbon Chain token (CCT) is the digital currency to be used for trade on Carbon Credit Exchange (CCX).

Carbon Chain e-Wallet

It allows Carbon chain token (CCT) holders to buy, sell or hold their token. It also support Bitcoin and Ethereum. Users of Carbon Chain e-Wallet can use their crypto currency to stand as collateral to obtain loan.

Token Allocation and Distribution

CONCLUSION

Carbon Chain powered by blockchain will bring the much needed transparency, accountability, trust, and cost efficiency to the carbon credit initiative and aids United Nation in their bid to save the World.

Executive Panel

Team Members

For more Information and Resources:

Carbon Chain website

Author Name:Adebanjo Tayo

bounty0x username: tonyryce