Empowering India’s Climate Action: Harnessing Blockchain for Carbon Trading
Shreya Jain, Atharva Parikh, Shruti Jawale, Riddhi Pawar · 2024
Carbon trading systems have shown potential in mitigating greenhouse gas emissions but face significant problems related to forgery. These fraudulent activities, such as false emission reduction claims and double-counting, undermine the integrity and effectiveness of carbon trading initiatives. To address these issues, this research paper proposes a secure, transparent, semi-centralized blockchain solution. Blockchain technology offers an immutable ledger to securely record and verify transactions, eliminating the risk of forgery by creating transparent and immutable records of each carbon trade. The proposed system also incorporates a hybrid storage system to minimize gas costs, combining on-chain and off-chain storage. This approach optimizes data allocation, reduces computational requirements, and enhances the cost-effectiveness and accessibility of the carbon trading system.