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Cryptocurrency News Today: What Is Blockchain Technology: Will It Help Improve Global Carbon Markets?
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ndtv.comBlockchain technology may make it easier to track and report emission reductions
The mighty blockchain technology is not just the bedrock of cryptocurrencies like bitcoin. The technology - in simple terms, a decentralised publicly distributed ledger consisting of blocks which record transactions - is also being seen as an important tool in managing the carbon markets.
The overwhelming reason being the transparency and safety that the technology provides.
In fact, a 2019 research paper, ‘Application of Blockchain In Carbon Trading', while noting that many features of the carbon market is similar to blockchain mechanism, reiterated that the technology can make carbon trading “safe and reliable, efficient and convenient, and open and
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