CarbonApp: Blockchain Enabled Carbon Offset Project Management
- Publisher:
- Springer Nature
- Publication Type:
- Conference Proceeding
- Citation:
- 2024, 202, pp. 13-25
- Issue Date:
- 2024-01-01
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| Filename | Description | Size | |||
|---|---|---|---|---|---|
| 978-3-031-57916-5_2.pdf | Published version | 2.48 MB |
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Carbon credits are permits to emit Green House Gases (GHGs) issued by standards bodies. They are generated from carbon offset projects, and purchased by companies that pollute. Due to the lack of transparency in carbon accounting, the fragmented data collection and crediting systems, and the complexity in claiming carbon credits, there have been many criticisms around the integrity of carbon credit schemes. The double-counting of carbon credits, i.e., issuing the same carbon credits to more than one entity, cannot be effectively prevented in existing systems. Therefore, many organizations are reluctant to participate in offset projects. Blockchain has been used in a wide range of supply-chain scenarios for its immutability, decentralisation and security, and has been considered in designing carbon credit trading platforms. However, its potential in offset project management has not been fully explored. In this paper, we propose a novel blockchain based solution–the CarbonApp–consisting of a set of smart contracts deployed on a private Polygon blockchain to enable the monitoring and management of offset projects.
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