Development of a Blockchain-Based Web3 Application for CO2 Absortion Right Management
Germán Abu Arab, Juan Ignacio Cogliatti, Cristina Mayr, Juan Abu Arab, Luis Mateo Borrazás, Pablo Urquizó · 2024
The emergence of Web3 technologies and blockchain has provided new avenues for addressing pressing environmental challenges. A blockchain-based Web3 application designed for managing CO2 absorption rights offers a highly promising solution to combat climate change. Leveraging blockchain technology enables the creation of immutable and transparent transaction records within a decentralized network, making it an ideal tool for monitoring and administering CO2 absorption rights. These rights can be recorded on the blockchain and transferred through smart contracts, ensuring the validity and traceability of transactions. Moreover, the Web3 application enhances accessibility for users, enabling access from anywhere without the need for proprietary systems. Decentralized applications can also be employed to validate CO2 emissions and removals by users, thereby fostering transparency and trust in the system. This paper introduces the development of an innovative Web3 application utilizing blockchain technology for managing CO2 absorption rights via Non-Fungible Tokens (NFTs). The proposed application facilitates secure, transparent, and efficient management of CO2 absorption rights, significantly amplifying the effectiveness of carbon offsetting initiatives.