Utilization of blockchain technology and game theory to reduce carbon emission around the world
Currently, reduction of carbon emission around the world is showing great limitations due to the lack of apt infrastructure, systems, utilizations and realizable compensation methods. DATA-M’s Edel Blockchain is blockchain platform that solves these problems and enables people to track and realize their respective compensation and reduce carbon emission.
Although specifics of each processes will be explained through upcoming posts, we will briefly go over on how we will be actualizing our solutions and the reason behind it.
The Edel project will be first focusing on reducing carbon emission of drivers around the world since 15.9% (5.6 Gton CO2) occurred in passenger cars, trucks, buses, and motorcycles. With more than 100 million vehicles produced and sold annually, this number is expected to increase.
However, POST-2020, which replaces the Kyoto Protocol that exclusively held developed nations responsible for GHG emissions reductions, requires all signatory nations including developing nations to reach their GHG emissions targets and major focuses are shown in automobile GHG emissions.
In order to address this, there must be reward for voluntary participation that can be implemented with a user-friendly device. DATA-M has produced a CRM device that will help track carbon emission.
Edel Blockchain utilizes a new mining method referred to as Carbon Reduction Mining (CRM) and a respective compensation scheme. CRM conserves, rather than consumes, energy. Proof of Carbon Reduction (PCR) is a system that compensates users for energy conserved using CRM, proportionally incentivizing efforts to reduce carbon emissions by quantifying energy and carbon emissions reduced by using CRM.
With upcoming exciting news on how DATA-M’s Edel Blockchain will be innovating carbon emission compensation systems with blockchain, we are so excited to be a part in saving the Earth!
Support us by following us on our Medium and other social media platforms.
