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Ensuring Transparency in Carbon Markets With Blockchain Technology
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Author(s): Ruby Panwar (GLA University, Mathura, India), Amit Kumar (GLA University, Mathura, India), Prasenjit Dhar (GLA University, Mathura, India), Ajeet Kumar Sharma (Department of CSE, Sharda School of Computing Science & Engineering (SSCSE), Sharda University, Greater Noida, India), Avinash Kumar Sharma (Department of CSE, Sharda School of Computing Science & Engineering (SSCSE), Sharda University, Greater Noida, India)and Pawan Kumar Goel (Raj Kumar Goel Institute of Technology, Ghaziabad, India)
Copyright: 2025
Pages: 24
Source title:
Advanced Systems for Monitoring Carbon Sequestration
Source Author(s)/Editor(s): Hari Mohan Pandey (Bournemouth University, UK), Pawan Kumar Goel (Raj Kumar Goel Institute of Technology, India), Vipin Balyan (Cape Peninsula University of Technology, South Africa)and Satya Prakash Yadav (Department of Computer Science and Engineering, Madan Mohan Malaviya University of Technology, Gorakhpur, India)
DOI: 10.4018/979-8-3373-2091-5.ch007
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Abstract
Carbon markets, which enable the trading of emission reductions and incentivize companies to reduce their carbon footprint, are a vital weapon in the fight against climate change. However, problems like fraud and double counting have dogged previous carbon markets. Blockchain technology presents a viable means of boosting trust and transparency in emissions trading, a crucial part of carbon markets. Blockchain can solve problems like a lack of accountability and transparency that have hindered the efficiency of carbon markets by offering a decentralized, safe platform for monitoring and confirming emissions data. This integration might make trading carbon credits easier, encouraging companies to adopt sustainable practices and aiding in the shift to a low-carbon economy. This chapter contributes to initiatives to mitigate climate change by highlighting the potential and challenges for blockchain adoption in carbon markets, underscoring the necessity of global cooperation, legal frameworks, and technological advancements to reap the full rewards of this game-changing technology
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