Blockchain has near-universal applicability as a distributed transaction platform for securely authenticating exchanges of data, goods, and services. IBM and the Beijing-based Energy-Blockchain Labs are even using it to help reduce carbon emissions in air-polluted China.
At the IBM InterConnect conference in Las Vegas today, IBM and Energy-Blockchain Labs announced a blockchain-based trading platform for “green assets” that’s based on the Linux Foundation’s open-source Hyperledger Fabric (which the foundation recently promoted from incubator to active status and elevated to version 1.0). A beta of the carbon trading platform will be released in May, the companies said, and the product will be commercially available later this year.
According to Cao Yin, Chief Strategy Officer of Energy-Blockchain Labs, the company estimates that the platform will use smart contract-based transactions to significantly shorten the carbon assets development cycle and reduce the cost of development by 20 to 30 percent. The blockchain-based exchange will let enterprises in China generate carbon assets more efficiently, in accordance with China’s Carbon Emission Reduction (CER) quota and its 2020 reduction goals in keeping with the Paris Agreement. Blockchain’s immutable ledger also makes it easier and less expensive for regulatory authorities to audit and oversee the carbon market.