IBM is using blockchain to track carbon emissions systemically in China - to maximise reliability of data and minimise fraud.
According to Cao Yin, Chief Strategy Officer of Energy-Blockchain Labs: “It is estimated that the platform will significantly shorten the carbon assets development cycle and reduce the cost of carbon assets development by 20 to 30 percent, enabling cost-effective development of a large number of carbon assets. Blockchain technology is expected to become an important means for effective control of carbon emissions, which is of great significance to China, the world’s largest source of carbon emissions.”
This is very important when you consider the 5 billion euro fraud case last year affecting the European emissions trading scheme. Such uses of blockchain can create accountability that is crucial in eliminating corruption, as countries around the world engage in efforts to cut down their carbon emissions.