Automated systems and blockchain technology are being increasingly utilized to improve the efficiency and accuracy of the carbon market, a critical component in the fight against climate change.
“It’s far less efficient for a digital accounting system to process data from reports, non-digital sales, purchase agreements, and from traditional registries, that have limited info in terms of who the final owner of a retired asset is.” Speaking on how the current manual process of collecting and verifying data in the carbon market falls short, and how blockchain technology can help address these limitations, Kentrup said"Most traditional approaches used to monitor, report and verify emissions reductions use intermittent manual processes to determine the environmental impact of projects.
all_infra According to Kentrup, on-chain monitoring, reporting, verification, issuance, allocation and retirement of carbon credits and carbon claims could bring about efficiency and predictability that hasn’t existed in the past.