IBM said Tuesday it is working with environmental startup Veridium on a carbon credit-backed token that would use the open-source Stellar blockchain.
Tokenizing carbon credits, which are certificates that represent the right to emit one ton of carbon dioxide and can be traded if the full allowance goes unused, would make trading the credits faster and more secure, IBM and Veridium said in a statement. Veridium, a consortium of eco-friendly industry leaders including EcoSmart Labs, said that working with IBM’s blockchain technology will make the trading process more efficient while the tokens can help reduce costs.
“By using a public, permissioned blockchain network, we can help Veridium create a new sustainable marketplace that is good for business and good for the world,” said Bridget van Kralingen, an IBM senior vice president. Read more here.