Carbon discount specialist Flowcarbon is becoming a member of forces with carbon challenge developer ALLCOT to create what would be the first blockchain-native carbon discount challenge.
The intention of this latest partnership is to offer challenge builders, stakeholders and consumers with a variety of advantages that have been beforehand thought unfeasible.
Blockchain affords inherent transparency and traceability, which makes it so enticing for the needs of carbon crediting.
Therefore, the partnership between ALLCOT and Flowcarbon goals to leverage these qualities of blockchain know-how to develop a brand new technology of tokenized carbon credit.
ALLCOT has been available in the market of offsetting CO2 emissions and creating methods to scale back greenhouse gasoline (GHG) emissions for over a decade now and has 59 initiatives behind its belt in 16 international locations world wide.
The corporate’s initiatives are answerable for offsetting some 17 million tons of carbon dioxide yearly.
On its half, Flowcarbon will present the technological basis for certainly one of ALLCOT’s nature-based carbon initiatives, thus enabling a novel approach for challenge knowledge to be the focus of itemizing, buying and selling and retiring carbon credit.
Each side are already exhausting at work with native stakeholders to launch the primary challenge, the objective of which is to safe funding and preservation of pure carbon sinks in South Africa.
That apart, the challenge will even serve for example of how blockchain platforms might help resolve quite a lot of points with the current carbon market construction, notably the place worth transparency is worried.