2021 is the first year that will focus on the significant issue of carbon neutralization. Global warming is real now, and it is an indisputable fact. Quite recently, we have seen how smog and pollution have resulted in difficulties for people and the nature around us on the whole. It is imperative that in order to reduce the damage that is being caused by global warming, we will have to work tirelessly in order to significantly reduce the emission of carbon dioxide.
The CNT Foundation is working to establish a carbon trading agreement, which is basically a public blockchain system that focuses entirely on carbon emissions trading and carbon neutrality. The foundation firmly believes in the idea that blockchain technology can be perfect for solving the fundamental contradictions that usually arise in the carbon emission market. CNT is aiming to create a more transparent and open market dedicated to carbon removal. The carbon market data is usually stored in a synchronous manner with the help of multiple nodes.
Blockchain technology, which is also called the ‘Trust Machine’, is basically a distributed shared database and ledger, which is transparent, allows impeccable traceability, tamper-proof, decentralized, and facilitates collective maintenance of the platform.
How does Blockchain benefit the Carbon trading market?
Firstly, Blockchain can create a much safer, more economical, and more efficient market environment for carbon trading. Such economic and efficient activities in carbon trading will eventually get the attention of carbon emission enterprises and encourage them to participate in carbon trading. This is gradually resulting in a number of enterprises focusing on carrying out technological innovations and using them to upgrade the existing infrastructure.
This will also prompt the enterprises to focus on saving energy and reducing the emission of carbon dioxide. Blockchain would also make it possible to authenticate the safety and efficiency of the trading activities in the carbon market as it would be possible to verify these activities from any link in the entire chain of networks.
In addition to this, Blockchain will help create a far more reliable, credible, and visible regulatory environment for the trading market on carbon. Blockchain makes it a lot easier to access all the necessary data, permissions, transaction details, policy essentials, etc., and to get them verified instantly. This also helps in saving valuable time and increases the overall efficiency of the carbon trading market. Needless to say, the use of this technology will also eliminate the necessity for a lot of third-party individuals as well.
Finishing thoughts: Are you interested in developing your own Blockchain based applications and changing the world?
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