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The platform can support energy trading, supply chain monitoring, and more.
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COP28 host UAE will reportedly be making efforts to lower or possibly stop using oil.
Now blockchain technology has entered the fight against climate change. A United Arab Emirates (UAE) research center, the Technology Innovation Institute (TII), launched a carbon tracking and trading platform during the United Nations’ climate-focused event COP28.
Blockchain May Serve As a Digital Watchdog
The announcement notes that the move can “play a vital role in driving green investment and accelerating the road to net zero emissions.” It is designed by TII’s Cryptography Research Center (CRC). It is the first-ever platform to integrate blockchain technology for carbon trading.
Users can create and trade tokens that “represent a quantity of carbon dioxide that has been removed from the environment.” TII hopes the initiative will drive investment in carbon capture and forest
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