In a bid to revolutionise green innovation, Envision Blockchain's unveiling at the 2023 UN Climate Change Conference (COP28) is making headlines.
Their platforms, rooted in blockchain and artificial intelligence (AI), aim to reshape emissions tracking and boost voluntary carbon markets. Notably, they introduced advanced features for methodology search, project data comparison, and compliance with reporting standards. These developments are expected to enhance transparency and efficiency in environmental conservation.
UN Climate Change Secretariat member Massamba Thioye praised these Web3 solutions. He emphasised their pivotal role in sustainability, focusing on Envision's work with the Hedera Guardian and Managed Guardian Service (MGS). These are seen as vital strides in digitalising climate change mitigation.
At the heart of Envision Blockchain's strategy is the digitalisation of carbon credits through Hedera Hashgraph technology. The MGS plays a crucial role, simplifying the creation and management of digital environmental assets like carbon credits. This process, powered by Hedera Hashgraph, seeks to elevate efficiency and transparency in the voluntary carbon market.
A significant COP28 highlight was the digital incorporation of UNFCCC methodologies. This standardises emissions reduction calculations for carbon credit projects, ensuring consistency and reliability in the sector.
Envision Blockchain's platforms also integrate AI to transform interactions with environmental methodologies. The AI-driven search feature aids users in efficiently navigating through vast libraries, like the UNFCCC's Clean Development Mechanism (CDM) Methodology library, to swiftly locate pertinent methodologies for carbon credit initiatives.
Additionally, they introduced the Project Data Comparison feature. This tackles issues such as double counting and enhances transparency in project data analysis. Users can now compare data using Verifiable Credentials (VCs) and digital certificates that contain validated project information.
Moreover, Envision Blockchain has integrated the Global Blockchain Business Council’s (GBBC) dMRV Specification into the Guardian platforms. This specification provides digital standards for reporting and verifying carbon data, fostering alignment among carbon market stakeholders.
In conclusion, Envision Blockchain’s demonstration at COP28 marks a significant milestone in deploying blockchain and AI for environmental sustainability. Their Hedera Hashgraph-based platforms are set to significantly impact carbon credits and emissions tracking, heralding new benchmarks in transparency, efficiency, and market expansion.
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