This week we have added 10 new blockchain-driven projects that are aimed at improving sustainability performance1.
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Climate Action
Tokenizing carbon credits through blockchain and remote sensing | Global
Project Description: There are many limitations in the legacy carbon credit marketplace that makes it challenging for its wider adoption. On the demand side, there are geological barriers, creating a bottleneck for matching local demand and supply. On the supply side, lack of proper and robust certification, leading to greenwashing. To address these challenges, Coorest has partnered with Floodlight and Earthhood, a UN auditor for carbon-negative projects, to develop tokenized carbon credits whose entire lifecycle is deployed on a blockchain network. To do this, Coorest has created its certification standard, Coorest Carbon Standard (CCS), which can be an alternative to legacy carbon certification. Earthhood will be involved as an auditor for the carbon projects, focusing on the project’s additionality. This means that the carbon credits can only be generated from newly planted trees that respect that region’s biodiversity. To further strengthen the certification, Floodlight, in partnership with Chainlink, will provide satellite data for accurate carbon sequestration data. While this will ensure the authenticity of the project, this will also enable monthly quality checks of the carbon-negative projects. All the data generated from these processes, from origination to retirement, would get stored on the blockchain, enabling Coorest to tokenize only high-quality carbon credits. This data would be safely stored on an immutable ledger, allowing Coorest to share this with all the relevant stakeholders.
Expected Benefits:
A robust and stringent certification would eliminate any low-quality carbon credit from entering the market, in addition to eliminating double counting and greenwashing.
Blockchain would create a sense of trustworthiness among the buyers and the sellers, ensuring sustainable growth of the carbon offset marketplace.
More Information: Bitcoin News
Enabling carbon offset for blockchain transactions | United States
Project Description: Blockchain has been one of the most promising technological advancements in the 21st century. However, valid concerns over its energy consumption are slowing down the cross-industry penetration this technology should have had. A sustainable measure would be to increase awareness around this concern and enable users to offset their transaction’s emission. To do this, Sushi, a decentralized exchange (DeX), has partnered with KlimaDAO to utilize their blockchain-based tokenized carbon credits to offset each transaction separately. Sushi will enable its users to “opt-in” to compensate for their carbon emissions. To do so, the company will be partnering with Chainlink to use its Automation tool. This will allow Sushi to deploy a smart contract, executing the carbon credit purchase once the user signals. A smart contract is an immutable protocol that self-executes agreed-upon obligations without involving any third party, allowing Sushi’s users to offset carbon emissions equivalent to 0.02 MATIC/transaction (~$0.02). KlimaDAO will be providing carbon offsets to Sushi’s users. Sushi is an apt participant for piloting this project as Decentralized Exchanges are among the most energy-intensive blockchain entities, given their high frequency of transactions.
Expected Benefits:
This project will enable blockchain companies to offset their carbon emissions, encouraging wider adoption.
As more users will offset their carbon emissions, this will increase liquidity in the carbon credit ecosystem.
More Information: Global Newswire and CoinJournal
Encouraging consumer to actively participate in carbon credit ecosystem | Global
Project Description: Carbon credits bridge the gap between an entity that wants to offset its carbon emissions and carbon-negative projects that need external funding. However, this market has been largely inaccessible to individuals and smaller entities due to the lack of transparency in pricing and overall industry operation. To address this, IMPT enables shoppers to earn carbon credits as a reward. The company has developed a blockchain-based reward mechanism that incentivizes consumers who shop online, with a token. This token can be converted into a carbon credit and minted as an NFT. Further, to incentivize users, the company’s native marketplace can be used to sell these credits. The platform is built on top of the Ethereum blockchain, deploying all the data onto a blockchain network. This will enable the company to make carbon trading open to everyone, less fraudulent, and more transparent. According to IMPT's website, while the tokens would be minted by them, all the carbon credit-backed projects are audited by a third-party organization, which eliminates the threat of greenwashing.
Expected Benefits:
This project opens up an entirely untapped market for carbon credits, increasing liquidity and potential to scale.
As consumers would get frequent information about carbon credits, their awareness of GHG emissions would get addressed.
More Information: Business 2 Community and IMPT
Renewable Energy
Digitizing renewable energy marketplace using IoT, blockchain, and remote sensing | Singapore
Project Description: Although carbon trading marketplaces have somewhat digitized in the past few years, this has not shadowed the Renewable Energy Certificate markets, which have been centralized and siloed. In addition to this, many of the transactions are handled by intermediate brokers with opaque pricing practices, eroding buyers’ trust. Eco-Business has partnered with Reneum Institute to purchase its blockchain-based Renewable Energy Certificate (REC) tokens to offset its fossil fuel footprint. Reneum Institute verifies and certifies renewable energy projects and issues developer tokens to project developers. This enables the project developers to sell these tokens on Reneum’s marketplace as RECs. Each token represents a megawatt-hour (MWh) of generated clean energy by the project tokenized. To certify the project, the company uses satellite imagery and IoT sensors. This enables them to filter out low-quality renewable projects, ensuring only good-quality RECs would get circulated in the market. The data generated from all these processes get stored on a Polygon blockchain, which Reneum is built on. This allows the company to ensure data security and privacy in a tamper-proof ledger.
Expected Benefits:
Blockchain aggregates the token trade onto a single platform, allowing anyone and everyone to buy RECs.
A blockchain-based carbon trading marketplace encourages project developers to maintain carbon-negative output.
Blockchain provides transparency and trust in the ecosystem, eliminating greenwashing and double counting.
More Information: Eco-Business
Recycling
Enabling companies to trace recycled products | Netherlands
Project Description: Governments and activist organizations are demanding companies utilize recycled materials and promote a circular economy. However, companies find it challenging to accurately trace their supply chain operations, disallowing them to showcase their sustainability initiatives. In addressing this situation, LyondellBasell is developing a prototype project, showcasing a ‘Digital Product Passport’, enabling them to track their products in real-time. In doing so, it has partnered with Circularise and its suppliers Neste, QCP, Uponor, and Samsonite. This project utilized a blockchain-based traceability solution developed by Circularise. This created a digital twin of the company’s product in the blockchain network, allowing the company to store all the relevant information. This helped them in developing a digital passport for the product. Blockchain provides the required data security and immutability while storing, and eliminating data manipulation or loss of data. This is extremely useful for companies that recycle their products or uses recycled materials, allowing them to track and track every product-related information in real time. LyondellBasell’s suppliers, Neste, QCP, Uponor, and Samsonite would be the key stakeholders in this project, as they would upload the required product information on the blockchain. In near future, LyondellBasell plans to deploy GHG emission data onto the blockchain network, enabling them to manage their scope-3 emissions. This project is in line with Europe’s commitment toward circularity in supply chain operations.
Expected Benefits:
Blockchain would allow companies to store environmental attributes related to the product on the blockchain.
A transparent supply chain would help companies expedite circularity in their supply chain operations.
More Information: Lyondellbasell
Responsible Supply Chain
Tracking milk from farm-to-shelf using blockchain | United States
Project Description: Due to increased consumer awareness and internet penetration, consumers are demanding detailed information about their products. A recent BCG survey revealed that ~80% of consumers have sustainability at the back of their minds while making day-to-day shopping decisions. This becomes a necessity if the product is in the food category, as consumers’ health is on the line. However, companies find it difficult to trace their products due to complex supply chain operations and a lack of transparency. To address this, Dubois Dairy Group is partnering with TrustBIX to use its blockchain-based supply chain traceability solution for its dairy products. This partnership allows Dubois Dairy to leverage TrustBIX’s Origin software to trace the movement of raw milk from the farm to the shelves. In doing so, Dubois Dairy would create a digital twin of the product on the blockchain’s tamper-proof ledger. As raw milk will move in the supply chain, blockchain would mimic the same, allowing the company to track its product in real time. In addition to this, blockchain would also allow the company to create a time and date-stamped operational ledger, which is crucial for time-sensitive products like dairy. This traceability would be complemented by TrustBIX’s on-farm operation traceability software, which tracks animal feed sources, animal welfare, and third-party audits. This combined with product traceability would allow Dubois Dairy Group to map the journey of its milk product for its consumer.
Expected Benefits:
In addition to tracking the dairy products, blockchain will enable the company to trace their livestock operations, ensuring animal wellbeing.
A transparent supply chain operation would allow easy and fast product recall, ensuring consumer health and safety.
More Information: Yahoo Finance and BCG
Ensuring food safety through blockchain | Costa Rica
Project Description: As consumers are demanding detailed information about what they consume, companies are expected to provide all the relevant information. However, it becomes difficult for companies that operated on complex supply chains, especially those that have cross-border operations, to provide all the relevant product details. Fresh Del Monte is leveraging blockchain technology for Costa Rica’s pineapple supply chain. This solution is developed by Decapolis and Fresh Del Monte will acquire a 39% stake in the company. All the details regarding fruit production, from harvesting, to processing and packaging, will get stored on the blockchain. This will enable Fresh Del Monte to track its produce in real time while eliminating any operational friction. As the ledger would be immutable, the data stored there could be trusted. In addition to this, blockchain would allow the company to share this data securely and safely, through a QR code attached to the product. This will enable consumers to see the product’s journey, increasing their trust in the brand. In near future, the company would expand this traceability solution to other business lines as well.
Expected Benefits:
A transparent supply chain would enable Fresh Del Monte to command a premium on its produce.
Blockchain would eliminate any non-consumable food, ensuring food safety and consistent quality.
More Information: Ledger Insights and Arab News
Philanthropy
NFTs enabling secure and transparent fundraising | United States
Project Description: NGOs and non-profit organizations sometimes find it difficult to outreach donors, demanding an alternative stream of donations for them. In addition to this, the lack of transparency in the legacy fundraising ecosystem further narrows an NGO’s capacity to raise funds. A sustainable measure would be to create a secure and transparent fundraising channel where donors can securely donate to their selected charity. In doing so, the National Breast Cancer Foundation (NBCF) is teaming up with Sprkl NFT Studios to develop a blockchain-based NFT collection. This NFT collection will depict the celebration of October as the Breast Cancer Awareness Month. In addition to spreading awareness around breast cancer, this collection would allow donors to donate to NBCF simply by purchasing the NFT, as all the proceeds collected from this NFT project will be donated. Blockchain would allow NBCF to keep a detailed track of all the financial transactions that happened between them and the donors. This will allow the foundation to eliminate any illicit activity while storing all the data in a tamper-proof ledger.
Expected Benefits:
A transparent funding ecosystem enables trust-building between the donor and the NGO.
This project enables NGOs to raise funds in an inexpensive manner, which would be beneficial for all the stakeholders.
More Information: EIN Newswire
Community Health and Wellness
Bridging the healthcare services gap | Africa
Project Description: Though many humanitarian and non-governmental organizations are trying to help, the coverage of essential healthcare services in Africa remains at 48%, meaning approximately 615 million people in Africa may not receive healthcare services, according to a report by the Africa Health Agenda International Conference. This creates a dire need for healthcare agencies to tap the unaddressed market. Immunify.Life is partnering with World Mobile to help bring disconnected and underserved users in Africa to a healthcare ecosystem. As the penetration of mobile phones in Africa is still largest than any other technology, World Mobile uses blockchain to connect users that operate mobile phones. World Mobile enables users to monetize their mobile data, incentivizing them to stay connected. World Mobile then creates a digital wallet for users, allowing them to enter the web3 ecosystem. This partnership will allow Immunify.Life to expand its reach and provide basic and essential healthcare services to underserved people in Africa. Both companies will utilize blockchain as their data-storing platform as it will provide the required safety, security, and immutability while storing and sharing user data with other relevant stakeholders, which is an essential element in the healthcare industry.
Expected Benefits:
This project will expedite sharing economy in Africa, by providing citizens with a platform for decentralized finance and healthcare.
Other humanitarian organizations can use World Mobile to deploy aid services in the unaddressed remote market.
This partnership will help the African Subcontinent to improve its overall health coverage.
More Information: Global Newswire and Africa Health Agenda International Conference
Ensuring a healthy and fit lifestyle using IoT and blockchain | Estonia
Project Description: The hectic and sedentary lifestyle can negatively impact health in many ways. This negligence can create chronic diseases like cancer, diabetes, heart disease, and more. A sustainable measure would be to incentivize users to maintain a healthy lifestyle. However, tracking and safely storing user data, including sensitive health data can be challenging for companies. Epillo Health is leveraging IoT sensors and blockchain to track and reward customers for seeking a healthy lifestyle. The company is launching its IoT wearable range, FitMint Wear. This will enable Epillo to track users’ health activity and seek insights on the same. In addition to this, the company is using the Polygon blockchain to develop an NFT-based healthcare game and reward tokens. The NFT-based game would allow users to play a video game, which would be focused on creating better and healthy habits. In addition to this, Epillo will be launching a blockchain-based token, under the same name, enabling the company to use this token instead of giving user rewards. According to Epillo’s whitepaper, users can claim this token and avail of other healthcare services from Epillo’s ecosystem like pharmacy, primary healthcare services, healthy food products, nutraceuticals, and more.
Expected Benefits:
Unlike other similar move-to-earn mechanisms, Epillo provides useful tokens that enable its clients to avail of healthcare services.
Healthcare data would be stored on the blockchain, ensuring data privacy.
More Information: Asian News and Epillo Whitepaper
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