IBM is turning carbon credits into crypto-tokens—part of a scheme to create a massive marketplace of novel digital assets.
Some background: Companies, governments, and others use carbon offset credits to compensate for the carbon dioxide they emit. The credits are purchased or traded, and the investment goes toward reducing emissions some other way. But the market for them is sluggish and inefficient.
The solution: Blockchain technology, says Jim Procanik, executive director of the Veridium Foundation, is the “perfect background for creating a more liquid and transparent marketplace.” That’s why Veridium has teamed with IBM to “tokenize” carbon offset credits using blockchain.
What’s next: Jesse Lund, IBM’s head of blockchain solutions and financial services, told our own Mike Orcutt we’re going to see what he calls an “arms race” to build the best blockchain-based business networks. He predicts that the networks with more “assets living on them that can be freely exchanged” will see greater adoption. And carbon offset credits are an opportunity to demonstrate how it’s possible to turn a “somewhat exotic” asset class into a token that can be combined with other kinds of business transactions.
SOURCE:MIT DOWNLOAD
Some background: Companies, governments, and others use carbon offset credits to compensate for the carbon dioxide they emit. The credits are purchased or traded, and the investment goes toward reducing emissions some other way. But the market for them is sluggish and inefficient.
The solution: Blockchain technology, says Jim Procanik, executive director of the Veridium Foundation, is the “perfect background for creating a more liquid and transparent marketplace.” That’s why Veridium has teamed with IBM to “tokenize” carbon offset credits using blockchain.
What’s next: Jesse Lund, IBM’s head of blockchain solutions and financial services, told our own Mike Orcutt we’re going to see what he calls an “arms race” to build the best blockchain-based business networks. He predicts that the networks with more “assets living on them that can be freely exchanged” will see greater adoption. And carbon offset credits are an opportunity to demonstrate how it’s possible to turn a “somewhat exotic” asset class into a token that can be combined with other kinds of business transactions.
SOURCE:MIT DOWNLOAD
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