Source: Pexels
Web3 development protocol Envision Blockchain Solutions has partnered with the HBAR Foundation to create a blockchain-centric system for handling the carbon markets.
The collaboration, announced in a press release on December 4, aligns with Envision Blockchain’s commitment to innovative enhancements within its open Guardian framework.
Formalized during the United Nations Climate Change Conference (COP28), the partnership will see Envision and the HBAR Foundation collaborate on a new open-sourced Managed Guardian Service (MGS) platform.
I am incredibly proud to share our recent accomplishment from #cop28. Thanks to our team @env_blockchain on this, along w/ partnerships and support from @HBAR_foundation, @swirldslabs, @UNFCCC , and the @hedera Guardian community!
#pressrelease – https://t.co/GvwUswMxuZ
— Daniel Norkin (@DanielNorkin) December 4, 2023
Providing more details on this, the Web3 development solution firm said the MGS platform would solely focus on creating a state-of-the-art digitized and digital measurement, reporting, and verification (dMRV) framework for the carbon markets.
Envision noted that the MGS platform and the UN Climate Change Global Innovation Hub signify a new turn in the carbon markets space.
The platform will be powered by Hedera Hashgraph’s distributed ledger technology (DLT) and its native coin, the HBAR asset, aiming to revolutionize the approach to addressing global climate change concerns.
According to the blockchain protocol, the MGS platform offers a full suite of features and products for this particular purpose.
On the MGS service, Envision Blockchain would leverage the unique merits of artificial intelligence (AI) and guided search features for the UN Framework Convention on Climate Change (UNFCCC), the Clean Development Mechanism (CDM) terminology, and other standard procedures obtainable in the carbon market space.
However, this new initiative involves a third party, Swirlds Labs.
Applauding the MGS initiative, UNFCCC’s project executive, Massamba Thioye, stated that this service would significantly streamline and digitize climate change mitigation methodologies.
Thioye also said that this would significantly boost transparency, efficiency, and accessibility of the carbon markets due to the unique merits of using blockchain tech in the legacy-based space.
Enhanced Data Analysis With Project Data Comparison
Besides digitizing and reporting measurement metrics for the carbon market ecosystem, the MGS is geared toward delivering more value.
According to Envision Blockchain, the new initiative will come pre-designed with a new Project Data Comparison feature.
This will enable users to contrast data recorded as Verifiable Credentials (VCs), including the Global Blockchain Business Council’s (GBCC) dMRV Specification Version 2 compliant ‘property fields.’
Users will also be able to anonymously verify the authenticity of project information, supported digital signatures, and other VC data easily.
On the other hand, the ‘property fields’ would offer specific, critical data points within the VCs, allowing users to have a holistic view of project data in one place.
In addition, project teams and users will be able to eliminate issues around double counting, thereby increasing transparency and traceability in environmentally-targeted projects.
This would have the long-term advantage of providing users with all the appropriate data for making smart investment decisions on viable projects.
Over the last decade, there has been a global emphasis on environmental awareness and sustainability measures.
Spearheading this initiative, COP28 creates a round-table discussion panel for world leaders and environmental experts to devise strategies aimed at safeguarding the Earth from ongoing greenhouse gas emissions.
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