Microsoft, EU-Based Universities Say Blockchain Could Help Meet Paris Agreement Carbon Goals

Microsoft, EU-Based Universities Say Blockchain Could Help Meet Paris Agreement Carbon Goals

Oil refinery (Susan Santa Maria/Shutterstock)

U.S. tech giant Microsoft and universities in Germany and Denmark have released a paper outlining the potential benefits of blockchain technology in building an international carbon credit market.

The , published Monday and titled “Blockchain Application for the Paris Agreement Carbon Market Mechanism – A Decision Framework and Architecture,” specifically looks at the suitability of blockchain and distributed ledger technology for a carbon market mechanism as per Article 6.2 of the .

The Paris Agreement has the overall aim of bringing a global response to the threat of climate change by keeping global temperatures below a two degrees (35.6°F) rise above pre-industrial levels. Article 6.2 is designed to provide an accounting framework for international emissions-trading schemes, a type of market incentive to reduce the volume of carbon dioxide released into the atmosphere, in a less-centralized, cooperative format.

Spain’s Crypto Firms to Face New Registration Requirements Under EU-Driven Bill

Previous

Alleged Shopin ICO Fraudster Pays $450K Fine in Ether

Next

More