Abstract: The aim of this system is to provide a tool that is capable of monitoring and managing data in a automated and transparent manner gathered from various entities(emitters, auditors, producers) participates in carbon credit ecosystem and connect all entities in one network for better tracking and visualization of credits . This creates credibility and trust among industry and government that is lacking in existing system. Economic growth is the topmost priority for the countries going forward. However to achieve economic growth we should consider the usage of natural resources and also should keep an eye on human actions such as combustion, transportation, and waste generation. In order to effectively limit emissions of greenhouse gases (GHGs) there should be proper and transparent management of carbon credits. Climate change has raised an alarm for world to ponder about and if not stopped can cause serious repercussions. A feasible solution to alleviate greenhouse gas emissions is via a mechanism that is laid out in Kyoto protocol in 1997. It was signed by close to 192 nations thus creating a system to monetize carbon emissions with an aim to build an authority over it. There have been efforts to build a system in previous decade too but there have been certain shortcomings. The major challenges which exist are data manipulation, lack of transparency and substantial costs. So we have come up with the idea of Blockchain which will build a carbon credit ecosystem thus guaranteeing us security, transparency, accessibility to the standardized carbon markets.
Description:The Problem:
Lack of Transparent system to manage carbon credits which involves
• Tracking of emissions
• Auditing carbon emissions and credit generation
• Carbon Credit Trading and funding green organization
How Our Solution impacts the problem:
In our solution we are proposing to use IOT devices with GHGs sensor to monitor emissions of
organizations and storing the information on blockchain which makes tracking of carbon credit uses
transparent and secure by removing human involvement which may cause tampering and falsify
emission data.
We are also acting as platform for trade of carbon credit between organization which have more
emission requirement than the allotted carbon credit and those who have excess credit and would like
to trade. The trading process also allows funding of green organization by those organization who want
to offset their excess emission. This will incentivize growth of more green organization.
Since all the data is being stored on blockchain in transparent manner it allows government and vetting
to monitor carbon emission closely and accurately in Realtime, which makes our solution useful to not
only the industries involved but also the government and policymakers.
Our proposal will also assist eco-friendly enthusiast scientist and innovators to create new solution to
reduce emission based on the high quality emission data present on our blockchain which gives
overview of which industry is generating more emission and needs to work on it and which industry is
reducing emission and thus learn and adopt their best practices.
We also aim to create an auditing framework which will determine which organization has how much
carbon credit requirement, also how much credit is being generated by green organization which will
ultimately help us be more trustworthy for entities involved in carbon ecosystem. , C , Claims:1st claim
| # | Name | Date |
|---|---|---|
| 1 | 202341040384-REQUEST FOR EXAMINATION (FORM-18) [13-06-2023(online)].pdf | 2023-06-13 |
| 2 | 202341040384-REQUEST FOR EARLY PUBLICATION(FORM-9) [13-06-2023(online)].pdf | 2023-06-13 |
| 3 | 202341040384-FORM-9 [13-06-2023(online)].pdf | 2023-06-13 |
| 4 | 202341040384-FORM 18 [13-06-2023(online)].pdf | 2023-06-13 |
| 5 | 202341040384-FORM 1 [13-06-2023(online)].pdf | 2023-06-13 |
| 6 | 202341040384-DRAWINGS [13-06-2023(online)].pdf | 2023-06-13 |
| 7 | 202341040384-COMPLETE SPECIFICATION [13-06-2023(online)].pdf | 2023-06-13 |
| 8 | 202341040384-FER.pdf | 2025-03-04 |
| 1 | 202341040384E_09-01-2024.pdf |