The Power of Evidence Tokens
In the midst of the industry’s transformative journey towards increased trust, transparency, and credibility in the carbon credit market, businesses encounter a new challenge: How can they distinguish their credits in an ever-growing marketplace? Enter Carbon Central by TYMLEZ, introducing a revolutionary concept — Evidence Tokens. This innovative approach to tokenization leverages Hedera Hashgraph distributed ledger technology (DLT) to infuse transparency into your existing processes by offering a timeline of events and immutable evidence that elevates your credits above the rest in the market.
Differentiating Carbon Credits
Businesses are pressed to showcase the authenticity and impact of their sustainability efforts amid a growing supply of carbon credits. How can they assure possible investors and stakeholders of the legitimacy and impact of their sustainability efforts? Traditional carbon credits lack transparency and accountability. Projects do not have a trusted method to provide information on how they measure, report, and verify their emission reductions, or how they demonstrate the social and environmental co-benefits of their activities.
Carbon Central recognises these challenges and presents a solution that enhances traditional carbon credits with tokenisation.
Introducing Evidence Tokens with Carbon Central
Evidence Tokens represent a groundbreaking evolution in tokenisation within the carbon management landscape. These tokens leverage Hedera DLT to create a transparent and immutable record of events associated with emissions reduction initiatives. They seamlessly integrate with established credits like Australian Carbon Credits (ACCUs) or Renewable Energy Certificates (RECs) without disrupting the existing processes defined by regulatory bodies. Using Carbon Central, project owners can upload relevant documents and events to their immutable timeline prior to, or after credit issuance.
Notably, although possible, these tokens do not require the carbon credits to be exclusively created and traded on the blockchain. This provides projects with flexibility to minimising disruption to existing creation and sales processes, while still reaping the benefits of enhanced credibility and transparency.
Key Features of Evidence Tokens:
- Transparency Injection: Carbon Central’s Evidence Tokens bring unprecedented transparency to your existing carbon credit creation processes. By allowing project owners to create an immutable record of events, project stakeholders can gain insight into the full provenance of emissions reduction initiatives using the Carbon Central TrustChain.
- Timeline of Events: The tokens allow projects to establish a comprehensive timeline, offering a detailed view of the events tied to the emissions reduction initiatives. Key reports and other data required by the selected methodology are uploaded to Carbon Central, which immutably stores a log of these activities on chain. This chronological representation enhances the visibility given to stakeholders of the project and credits.
- Immutable Evidence: Leveraging Hedera Hashgraph DLT, Carbon Central ensures the security and immutability of evidence associated with the tokens. Evidence can then be exported — ready for submission to regulatory bodies.
Advantages of Evidence Tokens:
- Market Distinction: Evidence Tokens empower project owners to differentiate their credits effectively, creating a unique selling proposition in the competitive marketplace.
- Enhanced Stakeholder Confidence: Stakeholders of the produced carbon credits can independently verify the authenticity of emissions reduction claims through accessible information lookup on the Carbon Central TrustChain. This feature enhances confidence among investors and consumers of the credits.
- Adaptability Without Disruption: Notably, Evidence Tokens allow for market differentiation without the need for any disruptive changes to existing carbon credit creation and trading practices. Businesses can benefit from enhanced credibility while maintaining operational continuity.
Enhancing Australian Carbon Credit Units (ACCUs) with Evidence Tokens
Consider a project creating Australian Carbon Credit Units (ACCUs) using the Savannah Fire Management methods. Traditionally, while these credits are considered high quality, it can be difficult for investors and credit purchasers to obtain information about the provenance and co-benefits — typically requiring the manual transfer of information including reports, spreadsheets and other supporting files. By creating Evidence Tokens with Carbon Central, the producer could upload relevant documents to their immutable record prior to, or after ACCU issuance. This timeline can then be shared with relevant stakeholders, showcasing the transparent timeline of events and reports associated with its emissions reduction initiatives. Project owners can choose to upload evidence as encrypted or public to control access to this sensitive information as required. This not only differentiates its ACCUs in the market but also reinforces the credibility of its sustainability efforts.
Get started with your Carbon Central journey
Evidence Tokens, introduced through Carbon Central, emerge as a transformative force in the carbon credit market. By leveraging blockchain technology to inject transparency and credibility, businesses can not only address the challenge of differentiating existing credits but also set a new standard for sustainable practices without impacting existing processes. Carbon Central, with its innovative approach to Evidence Tokens, empowers organisations to navigate the complexities of the carbon credit landscape with enhanced assurance and transparency.
Contact us today to get started.
About TYMLEZ
TYMLEZ, a NoviqTech (ASX:NVQ) brand, is a pioneer in the development and delivery of carbon reporting, guarantee of origin for green gasses, and smart energy solutions built using blockchain technology. The Company is focused on supporting clean energy and sustainability initiatives, along with other opportunities to develop products that rely on secure, trackable and traceable data transfer.
Visit tymlez.com for more information.
