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Towards a Carbon Neutral World
While carbon dioxide (CO2), an acidic colorless gas 53 percent denser than dry air, is useful in the manufacturing sector for the making of several products including fire extinguishers, carbonated drinks, and more, experts have warned that excess CO2 in the atmosphere may pose huge threats to mankind, including climate change and serious health challenges.
According to the World Economic Forum (WEF), climate change is the biggest challenge we humans face in the 21st century, and the organization, in collaboration with its partners, is championing the cause towards a net-zero world by 2050.
Now, IBM and Mitsubishi Heavy Industries (MHI), a Japanese multinational engineering, electrical equipment, and electronics corporation, are now aiming to contribute their bit to global CO2 reduction in the manufacturing sector via the CO2NNEX project.
IBM Making CO2 Useful with Blockchain
Per sources close to the matter, CO2NNEX will leverage distributed ledger technology (DLT) to track the capture and re-usage of CO2. The team says the CO2NNEX system is designed to accurately trace the collection and distribution of CO2 in a transparent manner, thereby making it easier for businesses to achieve carbon neutrality.
The team also plans to create a carbon marketplace where buyers and sellers of the gas can transact before the end of 2022. IBM will be in charge of the blockchain aspect of the project while Mitsubishi will create the physical infrastructure that will be used by manufacturers to capture their CO2 emissions during their manufacturing operations.
IBM successfully conducted a proof-of-concept for its blockchain-based CO2 tracking solution earlier in May 2021 and both teams are now working round the clock to roll out the complete solution by 2022.
Blockchain technology, the bedrock of bitcoin (BTC) and other cryptocurrencies, is increasingly being adopted by firms for CO2 traceability.
As reported by BTCManager last January, Mercedes Benz’s Daimler AG conducted a blockchain pilot for CO2 emissions tracking across its cobalt supply chain.
More recently, in July 2021, the National Australian Bank joined forces with other multinational firms to launch a carbon offset marketplace powered by the Ethereum blockchain.