Hedera Hashgraph to power new environmental asset management service
At the 2023 UN Climate Change Conference (COP28), Envision Blockchain showcased new emissions tracking and carbon credit platforms utilizing blockchain and artificial intelligence technology.
The company said these platforms contain upgraded features for searching methodologies, comparing project data, and aligning with reporting standards—with the stated goals of increasing transparency and enabling growth in voluntary carbon markets.
Key figures like Massamba Thioye from the UN Climate Change Secretariat praised the initiative and said the UN “recognizes the vital importance of innovative Web3 solutions” in achieving sustainability goals.
He added:
“The recent enhancements to the open source Hedera Guardian and the Managed Guardian Service (MGS), exemplify a significant step towards streamlining and digitizing climate change mitigation methodologies.”
Digitizing the carbon market
Envision specializes in techniques for digitizing carbon credits and enabling transparency in emissions tracking. Specifically, Envision Blockchain has introduced a Managed Guardian Service (MGS) built on Hedera Hashgraph (HBAR) technology to simplify creating and managing digital environmental assets like carbon credits. This service aims to bring more efficiency, transparency, and growth to the voluntary carbon market.
The innovations featured at COP28 have enhanced features like digitized UNFCCC methodologies that standardize how emissions reductions are calculated for carbon credit projects.
AI-guided search
The search-related features enhance the usability of the platforms by allowing users to efficiently search through vast libraries of environmental methodologies, such as the United Nations Framework Convention on Climate Change’s (UNFCCC) Clean Development Mechanism (CDM) Methodology library.
AI helps filter and present the most relevant methodologies based on user queries, making the process of identifying appropriate methodologies for carbon credit projects more efficient.
Additionally, the introduction of a new Project Data Comparison feature allows for more effective analysis of project data, tackling issues such as double counting and elevating transparency. This new feature enables users to compare data recorded as Verifiable Credentials (VCs). VCs are digital certificates containing validated information about environmental projects.
Another critical development was the integration of the Global Blockchain Business Council’s (GBBC) dMRV Specification into the Guardian platforms. The GBBC’s dMRV Specification lays out standards for digital reporting and verification of carbon data, making it easier for various stakeholders in the carbon market to align on common standards and practices.
