Topic: The Zero Carbon Project: A Blockchain Based Solution to Global Warming (Read 121 times)

Greenhouse gas emissions have remained a threat to the sustainability of the non-renewable sources of energy currently in use and have become a great concern globally. While many appreciate the role of fossil fuel as a source of energy in global warming, the rate of development and adoption of new more sustainable solutions has been slow. The Zero Carbon project was created with the aim of using blockchain technology to fight emission of greenhouse gases.

Zero Carbon Project
The project aims at creating a market that is more cost effective compared to traditional non-renewable energy sources. Through its platform, the project looks to fasten the pace in reducing global warming while rewarding its users for their contributions towards this goal.

The project is led by Derek Myers who has been working in the energy and financial sectors for over 25 years. His inspiration to use blockchain in designing solutions to lessen carbon emissions came from the transparency and the irreversibility of smart contracts and their potential in holding and transferring value. Current renewable sources of energy such as wind have also been expensive discouraging some from switching from traditional fossil fuels.

The zero carbon project offers reduced prices for switching to more environmentally friendly power sources by taking advantage of international carbon credits and intensely competitive market undercurrents. The project further enhances the cost savings associated with switching to green solutions through Energis tokens which it uses to reward its customers. These tokens are designed to be the main medium for users to transact on the platform. As the number of users on the platform increases, the demand for the Energis tokens in expected to increase therefore increasing its value and reducing the costs for zero carbon energy solutions purchased through the platform.

This market is designed as a hybrid system with some elements of the platform operating off the blockchain with transactions involving Energis tokens settled through the Ethereum blockchain. The market operating off the blockchain has already been built and is set for launch in the UK in October. The platform is also looking to implement raiden and plasma solutions to enable for scaling in processing energies tokens.

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