According to a recent press release from Moscow, two climate action companies have begun working together on a project that utilizes Blockchain technology - the technology that runs cryptocurrency giants such as Bitcoin and Ethereum. These two companies are DAO IPCI and Chooose.
Climate action projects
Chooose is a company which was created in order to buy and sell emission quotas as a means to “steal” them from polluting industries.
DAO IPCI (Decentralized Autonomous Organization operating sustaining, and developing the Integral Platform for Climate Initiatives), on the other hand, is an initiative by the Russian Carbon Fund for the purpose of climate change mitigation. The DAO IPCI is a nonprofit and non-government project for climate change.
Transparency the key
They aim to apply the revolutionary and innovative Blockchain technology to climate change actions and revolutionize the CO2 market which is still very conservative.
Together, they plan to tackle climate action more effectively in comparison to past initiatives. Along with the help of Airalab, DAO IPCI’s Blockchain technology expects to make project activities related to climate action more transparent and secure. This would prevent fraud in the future as well as manipulation.
The impact of these two startups may lead to faster and smoother actions against climate change with the presence of the new technology.
This is just the start of the invasion of Blockchain technology in various industries. The reach of Blockchain technology will extend even further than this.
The integration of Blockchain technology into systems is to ensure the maximum security of data in order to avoid any information breach or network attacks that can be detrimental to business operations.
Beginning with banks and government agencies, Blockchain technology is slowly gaining the favor of many businesses as it is seen as the new technology that can make businesses safer and secure.
However, these are not the only industries that will benefit from this technology.