The main intention is to respond the demand of the government, corporate and citizen clients, in order to compensate their carbon footprint.
Spanish companies and consumers seek to compensate, in a simple way, their carbon footprint and also invest in green financial products. For this reason, they rely on new technologies such as blockchain. In this way, the idea is to promote disruptive technologies and projects that aim to mitigate climate change.
The objective of the new uses of blockchain technology is to join the developers of mitigation projects with companies and consumers, without using intermediaries. Investors also know exactly where their money is going and are able to get all the downloadable information about the project.
The new value of using blockchain technology is the decentralization of the carbon market, which will allow companies to offset their emissions by spending 30% less and in a transparent way.
Similarly, blockchain technology would allow individuals to offset their carbon emissions so that they can participate in a market that was previously inaccessible to them. The idea is to have blockchain as a solution that could change the way things are done in carbon markets and the fight against climate change.
A Green Environment
Different startups have tried to shape this similar concept in other markets. DAO IPCI in Russia is an example, or Veridium Lab, in the United States. There are also other carbon market players such as IHS Markit, APX, or SouthPole, which could upgrade their products and services to the blockchain.
The main intention is to respond the demand of government, corporate and citizen clients in order to achieve a “green environment”. Thanks to blockchain technology, companies and consumers will have a simpler user experience, with the transparency and traceability offered by blockchain technology.
This initiative would allow to send funds to the developers of mitigation projects verified by the United Nations (UN), without intermediaries that make 30% more expensive the purchase cost. One of the Apps that seeks to make real this goal is ClimateTrade, which launched a one-month ICO at the end of 2017. That way they were able to finance the second phase of their platform development.
Spain and the Forest Sector
Recently, the Ministry of Agriculture, Fisheries and Food of Spain informed that it collaborated with a group called ChainWood, which seek to apply the advantages of blockchain technology in the Spanish forestry sector in order to reduce costs and improve traceability and efficiency in the wood supply chain.
In Spain, there are different collaboration projects for the application of blockchain technology in the optimization of waste management, through solutions that will allow identifying the characteristics and geolocation of the residues to improve their recycling process.
One of the benefits blockchain offers are traceability and transparency to help know the whole process that a residue passes and a follow-up, agreed, safe and unchanged to all agents that participate in the management of waste originated in productive processes. Some of these participants are manufacturers, packaging or distributors.
By María Rodríguez