Blockchain-backed monitoring solutions for carbon projects

Blockchain is a new edge technology that ticks many aspects of monitoring. First of all, they make monitoring safe and reliable. Transactions between network participants are recorded transparently in a shared ledger, and the data cannot be changed. Secondly, it improves efficiency. In the first phase we use blockchain to store cooking data in an immutable ledger to ensure transparency and accountability. Carbon savings are calculated based on actual ICS use, as per the GS algorithm. The blockchain-based (digitalised) solution makes it easier to track the positive impacts on carbon emissions that projects such as improved cookstoves in India produce.

These solutions can provide more transparency and accountability for impact consumers, so they are better able to claim a contribution to the global SDGs under the Paris Agreement. Meanwhile, impact producers can be rewarded directly, which has the potential to transform their socio-economic status.

Overall, blockchain-backed monitoring solutions make climate financing robust and efficient, and thus lead the way to massive upscaling.