IBM China Wants to Use Blockchain to Fight Carbon Emissions
IBM’s China division is working with a regional textile printing firm to to develop a platform for trading digital assets tied to carbon emissions.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BTLCRGMIVJA5JP6AHSLRGSORTQ.jpg)
IBM and a China-based firm are using blockchain to build a prototype marketplace for carbon assets.
The company is working with Energy Blockchain Labs, a blockchain company that has tested blockchain-based solutions related to energy provision. The hope, according to IBM, is to encourage companies to take steps to reduce their emissions by making it more efficient to develop and manage carbon assets.
It’s not a goal without a sense of gravity, as China produces about a quarter of the world’s carbon emissions. Though the use of coal has fallen in China, projects like the IBM-Energy Blockchain Labs initiative could push more companies to take action on the technology side.
The test is the latest for IBM in China. The technology firm has worked with other firms including credit card company China UnionPay and Walmart’s regional subsidiary to develop applications.
Chinese automaker Wanxiang, among other major companies in the country, is among those that have also held discussions with IBM about investigating the tech.
Image via Shutterstock
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.