Monday, July 22

CNT – saving the earth with blockchain Technology

2021 is the first year of carbon neutralization. Global warming is an indisputable fact. Recently, more and more frequent smog and extreme climate have hurt us deeply. If we do not actively deal with it, our future generations are likely to die from the harm brought by climate warming. In order to mitigate the impact of global warming and climate change, we must significantly reduce the emission of carbon dioxide. 

The progress and evolution process of human civilization, from “ignition” to “boiling water”, is essentially the utilization process of energy level. A new round of energy revolution is a turning point that can determine the rise and fall of various civilizations. 

What is carbon neutralization? The so-called “carbon neutralization”, that is, net zero emission, refers to the carbon emission necessary for human economic and social activities, which is captured, utilized or stored through forest carbon sink and other artificial technologies or engineering means, so that the net increase of greenhouse gases emitted into the atmosphere is zero. The quantitative change of carbon peak cannot be qualitatively changed to carbon neutralization. Carbon peak is the stage of emission threshold. To achieve carbon neutralization, we need to upgrade science and technology and play the role of carbon trading market. 

CNT foundation is establishing carbon trading agreement, a public blockchain system focusing on carbon neutrality and carbon emissions trading. CNT Foundation believes that blockchain technology can better solve the basic contradictions in the carbon emission market. Similarly, carbon emission trading and carbon offset can alleviate the negative problems brought to the external environment by the blockchain POW consensus mechanism. 

CNT aims to create a more open and transparent carbon removal market, which will contribute to the global promotion of “waiting for action”, and is more in line with the “going down and going up” spirit of “waiting for governance” in the Paris Agreement.The carbon market data is stored synchronously by multiple nodes. The carbon trading process is decentralized, which can participate in the trading of the new carbon sink market more quickly. The carbon sink assets, carbon trading and carbon neutralization data circulation on the chain can be verified at any time to improve the credibility. The most critical data and information transparency and double calculation problems in the carbon market will also be solved. In the transnational and cross regional carbon market, improving the authenticity of transaction content can attract more enterprises and organizations to participate and expand the scope of participation in global carbon neutralization.

    Blockchain technology, known as “trust machine”, as a distributed shared ledger and database, has the characteristics of decentralization, non-tampering, whole process trace, traceability, collective maintenance, openness and transparency. These features ensure the “honesty” and “transparency” of the blockchain. Blockchain can solve the problem of information asymmetry and realize cooperation, trust and concerted action among multiple subjects. As an information technology means that can realize point-to-point transactions, blockchain technically ensures that each consumption behavior is well documented, true and credible; At the same time, the smart contract records and witnesses the transaction behavior at multiple nodes, providing a clear and orderly market environment for the transaction of consumption vouchers.

What does blockchain technology bring to the carbon trading market? 

  1. Blockchain creates a safer, more efficient and more economical market environment for carbon trading. Efficient and economic carbon trading activities will strongly stimulate the enthusiasm of carbon emission enterprises to participate in market trading, thus encouraging enterprises to carry out technological innovation and upgrading of industrial structure, and promoting enterprises to save energy and reduce emissions from the source. Ensure the authenticity, safety and efficiency of carbon trading activities from every link, and build a safe and efficient environment for carbon trading market.
  2. Blockchain creates a more visible, credible and reliable regulatory environment for carbon trading. Using block chain technology to create carbon trading main body, transaction institutions, government and other various carbon asset trading model to build, flexible interaction, from carbon permits access, transaction, circulation, to trade, on the whole process of data chain trusted Shared storage and application, makes carbon emissions quotas under the condition of the “visible” to do business, To build a visible trading supervision mirror for all links and the whole process, and promote the transparency and orderliness of the global carbon emission trading market.

CNT is a core member of the Climate Chain Coalition (CCC), responsible for promoting the Asian market and working together for the Paris Agreement on global Climate action against warming. The Climate Blockchain Alliance, supported by the United Nations Framework Convention on Climate Change (UNFCCC), is an open global organization that uses blockchain technology and related data solutions (e.g.Internet of Things, big data) to help finance climate action, And strengthen the implementation of the Carbon emission measurement, accounting, reporting and verification system (MRV) to mitigate global warming. 

Carbon Trading Agreement is not only a carbon neutral trading application platform. In the design of its contract layer, any third party can establish its own application on CNT. Carbon Trading Agreement plans to migrate on the chain and become part of a decentralized ecosystem. In the future, through international cooperation with the sustainability sector and blockchain industry, Carbon Trading Agreement wants more people to co-develop decentralized apps dedicated to sustainability. Even if the Carbon Trading Agreement is successful, the world will still need more technological innovation and more people to participate in carbon neutrality in mitigating and adapting to the challenges posed by global climate change.

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No A News Week journalist was involved in the writing and production of this article.