Singapore to have First-ever Blockchain-enabled Carbon Trading Exchange

Asia Blockchain Review
November 7, 2019

AirCarbon Pte Ltd has announced that it is applying for a market operator license with the Monetary Authority of Singapore, expecting the exchange to be official early next year. 

With this blockchain-based system, airlines and other corporate buyers can buy and sell tokens backed by carbon offset credits approved by the International Civil Aviation Organisation.

Blockchain For a Greener World

According to Medium.com, air travel emits massive greenhouse gases, with more than 800 tons of carbon dioxide produced by the industry in 2018. With the help of AirCarbon, airlines, as well as other transportation providers, can reduce carbon emissions while generating financial returns from selling their AirCarbon tokens on the regulated carbon exchange platform.

On the AirCarbon platform, many parties including airlines, green projects, technology providers, and regulators need to work closely together in order to create a large marketplace of carbon credit trade. They must share data quickly and securely, including information such as contracts, commercial agreements, intellectual property, as well as trade secrets. Secure information exchange and real-time tracking are two features of blockchain-based platforms.

Processing Sensitive Data with Blockchain

Operem’s NDA Wrapper™ has been selected by AirCarbon to ensure the safe exchange of sensitive information between financial institutions and AirCarbon. Operum will also keep track of the massive documentation generated by inter-party transactions.

AirCarbon has a long-term plan to invest in sustainable carbon credit projects. Co-founder Thomas McMahon said, “We are excited by the potential of the Operem platform to help us manage thousands of stakeholders efficiently, saving time and money while we create the Exchange. Operem will help us to launch more quickly while creating an environment of trust between parties and enable the rapid and safe sharing of proprietary information, accelerating the growth of AirCarbon in a powerful way.”

Source: www.thehindubusinessline.com


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