Copy link
Increase text size
Decrease text size
Link copied

Upcoming blockchain-based carbon exchange to help offset aviation industry’s carbon footprint

An upcoming blockchain-based carbon exchange will be launching next year that is poised to help the aviation industry deal with its growing carbon emissions that’s contributing to global warming.

Image via Unsplash

Thu, 31 Oct 2019, 07:46 am UTC

Carbon emissions are one of the major factors that are contributing to climate change, a problem that is threatening humanity itself. Governments and private entities alike have been trying to come up with a solution that can address this problem.

But since it stems from multiple sectors, experts and leaders have been finding difficulty in minimizing the carbon emissions of several industries. Among them is the aviation business that has a massive carbon footprint.

In an attempt to reduce the carbon emissions of the aviation industry, a global blockchain-based carbon exchange is being created to trade securitized carbon emissions. The exchange, called AirCarbon Exchange, will provide a ready supply of credits dubbed as Eligible Emissions Units (EEU), The Business Times reported.

AirCarbon made in collaboration with SEAS

These units are in line with the standards placed by the International Civil Aviation Organization’s (ICAO) Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). Each EEU amounts to one ton of carbon credits.

The main goal is to offset the increasing carbon footprint of the aviation industry by acquiring EEU to comply with industry standards or help companies reduce their CO2 output. AirCarbon has been created in partnership with the Sustainable Energy Association of Singapore (SEAS). It’s still unclear, however, when the exchange will exactly launch although it’s been revealed that it will be fully operational next year.

AirCarbon to streamline carbon credit trading

SEAS chairman and AirCarbon co-founder Edwin Khew has expressed his confidence about the exchange’s viability and stated the project’s ultimate aim once it goes online. “We aim to make the AirCarbon token the easiest and most streamlined instrument for the trading of CORSIA EEUs globally,” Khew said. If successful, Khew added that AirCarbon will be the first global blockchain-based carbon trading platform, which will represent $100 billion worth of tradable CO2.

The aviation industry is but one of the myriad sectors that blockchain has penetrated following its inception. This isn’t surprising given that blockchain can provide an immutable ledger for the operations of airlines, with utilization ranging from ticket sales and flight coordination to data protection and provenance of aircraft parts, Accenture outlined.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,273.79 (+0.29%)
  • Ethereum (ETH) $241.13 (+0.51%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $237.64 (+0.03%)
  • Bitcoin SV (BSV) $185.48 (+1.80%)
  • Bitcoin (BTC) $9,273.79 (+0.29%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.