Sci-tech

IBM to Help Tokenize Carbon Credits on Stellar Blockchain

IBM to Help Tokenize Carbon Credits on Stellar Blockchain”

In the partnership between Veridium and IBM, the two companies will sell carbon offset tokens on the stellar blockchain.

According to a report on May 15, 2018, Veridium Labs, a carbon credit company, and IBM have entered a partnership that will see a unique "carbon credits" token developed on the Stellar blockchain.

To give an idea of the possible size of a tokenized carbon credits market, a recent survey of just 139 companies by the Ecosystem Marketplace found that 63.4 million tons of carbon dioxide resulted in a total market value of $191.3 million in carbon credits. Carbon credit systems also let companies pay others that do things like plant forests to offset their carbon emissions. The International Panel on Climate Change (IPCC) introduced their carbon credit proposal as a market-oriented mechanism to slow worldwide carbon emissions.

"Blockchain based digital assets, or tokens, enable innovative ways to buy and use the underlying carbon offset since they can move and settle swiftly across networks", IBM said of the project.

Carbon credits are not entirely new in their own right, but the process used in tracking the full extent of one's pollution, then providing a guarantee that the funds will actually go towards replenishing the environment is now hard to do. "Our digital environmental assets are created to help companies and institutional investors purchase and use carbon credits to mitigate their environmental impacts today, and even hedge their potential carbon liabilities risks in the future".

All three companies will work together to develop the token called Verde.

Veridium Labs is an environmental financial technology company that is actively working on solving a hard problem concerning the ways to trade carbon offset credits in an open market.

IBM has previously worked with blockchain projects, but their new collaboration with Veridium Labs will entail the first time the company is getting involved in developing a cryptocurrency. This is a sister company of Veridium Labs which counts PwC and Microsoft among its customers. It sold its personal computing business to Chinese company Lenovo in 2005.

The project shall be led by Jared Klee, IBM's blockchain manager, who adds the use-case can open a larger, more vibrant market that understands and realizes the potential of blockchain technology. It runs on light and costs less than ten cents to manufacture.

As it is known, IBM and Stellar have been already collaborating to create a global payment network powered by blockchain. Stellar will provide the digital ledger for the transactions while IBM will deal with technical aspects of trading activities and tokens management. Ripple is also far more centralised than Stellar.



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