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China Issues Its First Carbon Offset Using Ant Group’s Blockchain

www.thecoinrepublic.com 19 July 2021 10:57, UTC
Reading time: ~3 m

  • China’s first blockchain-based carbon offset was issued in Tianjin, which is known for its heavy industries and oil refineries, as the government develops its national carbon trading platform
  • Tianjin is a coastal city in northern China, close to Beijing. It is an important port and industrial center in China, particularly for petrochemicals
  • Every day, 10 million original works are submitted and authenticated on AntChain, according to the company. Shanghai C.C. Music Culture, a copyright distribution network for digital music scores, is one of the platform’s early adopters, having joined during its beta period

China’s first blockchain-based carbon offset certificate was issued in Tianjin, according to Binhai Times, only days after the world’s second-largest economy opened its national carbon market. On July 15, the city’s emission rights exchange revealed the news during a fintech and green finance conference. AntChain, the corporate blockchain platform of Ant Group, was used to create the offset. According to the research, blockchain can make carbon offset issuance, trade, and auditing transparent and traceable. According to China’s current Five-Year Plan, the country intends to be carbon neutral by 2060. Green bonds and a national carbon market were launched on Friday as part of a push to increase the use of green financing.

Tianjin is a northern Chinese seaside city near Beijing. In China, it is a significant port and industrial center, especially for petrochemicals. The local government has blockchain ambitions; in 2019, it announced the launch of a blockchain-based customs management platform, which is part of a larger strategy to connect operations across the area using blockchain. AntChain, Ant Group’s blockchain company, has launched a new digital copyright services platform today. It uses blockchain technology with artificial intelligence to allow producers to safely authenticate and validate any type of original content, including video, image-based, and textual content. 

For each work uploaded to the platform’s database, the platform creates a unique, tamper-proof digital copyright certification and notary stamp. The certifications are intended to be used in situations of copyright infringement and tort. The business claims that these services may save consumers up to 95% on the expenses of copyright registration and certification. Additionally, AntChain’s platform includes digital ID and search capabilities to assist artists track and detect suspected copyright infringement more effectively. 

According to AntChain, 10 million original works are being submitted and validated every day on the new platform. Shanghai C.C. Music Culture, a digital music score copyright distribution network, is one of the early participants in the new platform, having joined during its testing phase. AntChain’s platform creates smart contracts that track and distribute money to the network’s musicians and rights holders automatically. 

Ant Group has been working with blockchain solutions since 2015, developing more sophisticated systems that combine the technology with AI and the Internet of Things, as well as funding blockchain research and development in other countries. Despite its serious dedication to the blockchain, AntChain has been rebranded with a healthy dose of humor and flair.

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