With growing global concern around the climate emergency and unsustainable agricultural practices, many countries, enterprises, and startups are “collaborating to build sustainable solutions that tackle the harmful effects of climate change,” according to an update from Chainlink.
At the forefront of the battle against climate change are “extensive efforts to lower carbon emissions.”
While many methods have been proposed to manage the carbon output of modern economies, hybrid smart contracts—blockchain-based applications that use oracles to access real-world data and perform advanced computations—”offer an alternative where cryptographic truth and automated incentive structures can help establish more impactful green initiatives.”
To support the use of smart contracts in aid of sustainable climate initiatives, the Chainlink Community Grants Program is “awarding a social impact grant to Coorest—a platform for sustainable solutions that bridge the gap between the real and the digital world—for the creation of a decentralized application for carbon trading and offsetting and a satellite-based global biomass monitor.”
As part of the grant, Coorest will “develop a dApp that enables farmers and reforestation projects to generate and trade CO2 tokens that individuals and businesses can use to compensate for their CO2 emissions.”
The Coorest dApp will also “provide a wide array of geospatial data, such as biomass and CO2 sequestration data supplied by Floodlight data feeds (also supported by a Chainlink grant), to support accurate CO2 absorption calculations and enable the tokenization of CO2 emissions through the Chainlink decentralized oracle network.”
To help ensure that the supply of CO2 tokens reflects the data reported by real-world satellites, the minting of CO2 tokens will be “validated using Chainlink Proof of Reserve (PoR), a solution enabling secure, decentralized, and automated verification.”
The initial pilot will be “conducted with Di Marjan Su Lda using mango and passion fruit trees in Angola.” The long-term objectives of the Coorest service are “to enable farmers, reforestation projects, and other environmentally conscious initiatives to get free and easy access to carbon trading so they can generate an additional income stream and to provide these projects with reliable and up-to-date information about the real world with high-quality data collected by satellites.”
Coorest is “building an ecosystem of blockchain solutions that bridge the real and digital worlds.”
Based in Estonia with team members all over the world, Coorest aims “to support sustainability by creating innovative solutions that bridge the real world with blockchain technology.”
Transparency, innovation, creativity, and a firm belief in the benefits of blockchain technology “are the most significant sources of motivation for Coorest.”
Nick Zwaneveld, Coorest CTO, stated:
“We’re excited to receive a Chainlink social impact grant to help us build a decentralized application for carbon trading and offsetting as well as a satellite-based global biomass monitor. We firmly believe in the benefits of blockchain technology for supporting green initiatives and a more sustainable future. With the support of this Chainlink grant, we can enable farmers, reforestation projects, and ecologically sustainable projects around the globe easily generate CO2 tokens while helping enterprises and individuals to offset their carbon emissions.”
Through the Community Grants Program, Chainlink continues “to empower innovative teams, academics, and social impact projects that research and develop key tools and infrastructure to accelerate the adoption of hybrid smart contracts, secure oracle networks, and cutting-edge technology capable of creating a more economically fair world.”
For more details on this update, check here.