Problem Statement
Traditional marketplaces lack a transparent and efficient mechanism for buying and selling carbon credits, hindering the widespread adoption of sustainable practices within the Open Network for Digital Commerce (ONDC). The absence of a dedicated platform for carbon credits limits businesses and individuals in contributing to environmental sustainability. There is a need for a blockchain-based marketplace that facilitates the transparent exchange of carbon credits within the ONDC.
Abstract
Develop a blockchain-based marketplace for buying and selling carbon credits within the ONDC, addressing the challenge of promoting environmental sustainability. The project aims to leverage blockchain’s transparency and security to create a decentralized platform where businesses and individuals can trade carbon credits. Smart contracts will automate the verification and transfer processes, making it easier for users to participate in carbon offset initiatives and contribute to a greener ONDC ecosystem.
Outcome
The project’s outcome is the establishment of a blockchain-based carbon credits marketplace on the ONDC. Users can seamlessly trade carbon credits, fostering environmental sustainability within the digital commerce ecosystem. The transparent and automated nature of the platform ensures the legitimacy of carbon credits, encouraging businesses to offset their carbon footprint and individuals to participate in eco-friendly initiatives. Ultimately, the outcome contributes to a more responsible and sustainable digital commerce environment within the ONDC.
Reference
Climate change has raised an alarm for world to ponder about and if not stopped can cause serious repercussions. A feasible solution to alleviate greenhouse gas emissions is via a mechanism that is laid out in Kyoto protocol in 1997. It was signed by close to 192 nations thus creating a system to monetize carbon emissions with an aim to build an authority over it. There have been efforts to build a system in previous decade too but there have been certain shortcomings. The major challenges which exist are data manipulation, lack of transparency and substantial costs. So we have come up with the idea of Blockchain which will build a carbon credit ecosystem thus guaranteeing us security, transparency, accessibility to the standardized carbon markets. We will also be using sensors to automate the data to out consortium.
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