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Microsoft-Backed Initiative Uses Blockchain To Solve “Double-Spending” Issue of Carbon Credits
Summary: As a tech-agnostic token standardization initiative based on Enterprise Ethereum Alliance, The InterWork Alliance (IWA) is developing blockchain solutions to bring transparency to carbon accounting, as reported by Coindesk. Double counting problem has been existing in industries for a long time, as Microsoft blockchain architect and IWA chairman Marley Gray noted: “There’s no way right ...
As a tech-agnostic token standardization initiative based on Enterprise Ethereum Alliance, The InterWork Alliance (IWA) is developing blockchain solutions to bring transparency to carbon accounting, as reported by Coindesk.
Double counting problem has been existing in industries for a long time, as Microsoft blockchain architect and IWA chairman Marley Gray noted: “There’s no way right now for you to determine that a tree hasn’t been sold 100 times over.”
Beginning from voluntary carbon offsetting, the IWA group is planning to create a standardized framework for tokenization and then extend to regulated markets.
By Lily Yang
Tags: Blockchain,Regulation
Link: Microsoft-Backed Initiative Uses Blockchain To Solve “Double-Spending” Issue of Carbon Credits [Copy]
