Web3 in Carbon Credit Marketplace
Daniel Kennedy, Director of Mercurity Fintech Holding, named the use of DLT networks to capture the validity and quality of carbon credit processes and the issuance of tokens to accurately represent the value and facilitate carbon credit trading as one of the upcoming trends in 2024.
“The global market for carbon credits is substantial, as companies and sovereign nations around the world are required to offset carbon emissions. However, this process, as with cryptocurrencies, is poorly regulated on a global scale, falling under local control only. This naturally leads to conflicts and inconsistencies. These inconsistencies were exploited in the practice of “double counting,” and there’s a general lack of clarity around this trade. Blockchain can solve the problem by offering an immutable and detailed record of the lifecycle of each individual carbon credit, including tracking the carbon footprint related to the creation of the carbon credit itself and issuing tokens of value to investors to provide greater clarity, transparency, and fair trading. Blockchain and token issuance could change this process and result in a whole new sector in the global market,” predicts Daniel.
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