Carbon offsetting with Blockchain

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The human population is rapidly increasing each year. And the more people are living on earth, the more we also contribute to the increase in the carbon footprint we produce in almost everything we do. We contribute to it by simply consuming electricity at our houses, to driving outside using our vehicles. Imagine all of the houses around the world who are using electricity, even those businesses or companies that use a huge amount of electricity. This leads to a wider environmental problem that can also affect our ways of living and our health.

To give an insight, let us first discuss carbon footprint. According to an article by Takepart, it is the number of greenhouse gases (mostly carbon dioxide) that we release into the atmosphere through various activities that humans do every day. It is also usually measured as tons of CO2 emitted per year.

So, what can we do to reduce our carbon footprint?

There are several ways we can do as an individual. We can start by conserving electricity consumption in our houses, lessening the use of private vehicles when going somewhere near, finding alternatives that use lesser electricity, and many more. There is also one thing to mention where big companies can reduce their carbon footprint and help the environment, it is called carbon offsetting. The carbon offsetting allows companies to purchase carbon credit on a certain project where the funds will be used to help the environment. Take note that carbon offsetting is not only limited to companies because individuals can also purchase their carbon credits.

Now to make carbon offsetting a little innovative, blockchain technology can also play a role in this kind of environmental project. Climatetrade is a blockchain-based marketplace that offers carbon offsetting. Their goal is to let companies achieve carbon neutrality with their services. It allows companies to offset their carbon footprint where they can select their desired credits from the project portfolio of Climatetrade.

Climatetrade also recently announced its partnership with Algorand, as well as the investment from Borderless Capital to support its strategic plan and expansion goals. With the investment of Borderless Capital, it will help Climatetrade to open markets in the United States. As this project expands, more companies can start offsetting their carbon footprint. And through Algorand, it will be the primary infrastructure layer that the Climatetrade and their customers will be using. Blockchain technology can give these important factors:

• Transparency - A public blockchain enables great transparency as every transaction recorded on the blockchain will be visible to anyone who has access to the system.
• Fast - One key factor of Blockchain is its fast transaction and even for the cancellation of carbon credits.
• Cost Reduction - Unlike in the traditional system, this removes the inclusion of the third parties that also reduces the transaction cost.

"After analyzing several technology providers and rigorous due diligence, we chose Algorand as the blockchain infrastructure to power our platform. We have no doubt, Algorand is the perfect solution due to its flexible architecture, low transaction fees, and scalability of transactional performance. In addition, they are the only pure proof-of-stake (PPoS) network and we have an aligned business vision," said the CEO of Climatetrade, Francisco Benedito.

As we become more reliant on technology to make things easier for us, we cannot help but use more electricity, or even fuels that contribute to greenhouse gases. It is our responsibility since we are living on earth to protect our environment. The best thing we can do to protect the environment is to maximize the resources we have, and that could also be through the use of technology. And this carbon offsetting service provided by Climatetrade with the help of Algorand and Borderless Capital is a great opportunity for us to protect the environment.

Algorand

Algorand blockchain is the world's first permissionless Pure Proof of Stake mechanism that removed the barrier to achieve mainstream mass adoption of blockchain that is scalable, secured, and decentralized. With the hard-working team of Algorand, they are continuously developing and opening more opportunities for projects that show innovation and great application to achieve a borderless economy.

Borderless Capital

Borderless Capital is a cutting-edge financial institution investing capital and co-building financial products that accelerate access, bootstrap adoption, and make worldwide value through the Algorand Borderless Economy.





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