Carbon credits issuance may be performed by the Ethereum Network on the basis of ‘smart cities’ data.
As of now we have a set of smart contracts that enable Ethereum Blockchain application for carbon markets, for societal costs mitigation instruments, environmental assets and liabilities. Standard procedure for issuance of new carbon units is performed by executing transaction from the Ethereum Network EOA address of a third party, hereinafter the Auditor, who represents an Independent Entity accredited by the Operator of the Climate program. The Auditor attaches the hash of the verification report uploaded to IPFS to the transaction.
Demonstration of human-to-machine system for Smart cities’ GHG emission reductions.
Preparation of the experiment
R&D project start:
R&D project to be completed
R&D project leaders:
Sergey Lonshakov, Anton Galenovich
Thus, we get carbon units with origin trackable up to the moment of issuance. As a next step we would want to discard of the necessity for persons with the highest reputation to support carbon markets.
We propose as an alternative to carbon reductions’ verification procedure performed by the Auditor to consider algorithmic analysis by the Ethereum Network of the data collected by smart IoT devices owned by the citizens to provide for issuance of carbon credits in the smart cities.