The world is drowning in carbon emissions.
Not long ago, carbon dioxide (CO2) emissions seemed like an inevitable part of industrial development. But now, for every ton of CO2 we emit, we pay the price in floods, droughts, and irreversible climate change. According to a recent report from the International Energy Agency (IEA), global CO2 emissions reached 36.3 billion tons in 2021 – an alarming figure that puts the world at risk of exceeding the 1.5°C threshold for global warming. This has led to a range of consequences, from extreme weather events to the collapse of global ecosystems. Without timely action, we may not have a chance to reverse this situation.
But the question is: How will we act? And can technology help us in the face of this climate catastrophe?
Cryptocurrency Mining: Horrible Numbers from Bitcoin and Ethereum PoW
The blockchain world not only offers limitless opportunities but also contributes to the carbon footprint in a worrying way. Bitcoin, the most popular and widely used cryptocurrency, operates on the Proof of Work (PoW) mechanism – a process that requires millions of computers around the world to solve complex mathematical problems to verify transactions.
But the price of this decentralization is steep. According to a report from Digiconomist, Bitcoin ($BTC ) consumes about 139 TWh of electricity per year – about the same as the entire consumption of Sweden. This massive amount of electricity is equivalent to 65 million tons of CO2 emissions per year – the equivalent of 7.5 billion gallons of gasoline.
Ethereum ($ETH ), before switching to Proof of Stake (PoS) in 2022, has a similar problem. With an electricity consumption of about 112 TWh per year – on par with the Netherlands – Ethereum contributes to 53 million tons of CO2 per year, making it one of the most environmentally harmful blockchains.
Bitcoin Mining Estimated to Account for 0.9% of Global Carbon Emissions by 2030
So what is the answer to the need to reduce carbon emissions and track the EcoTrace carbon footprint? And does blockchain technology offer any solution for green supply chains?
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Here is my idea for a blockchain solution for EcoTrace and the future of the green carbon credit economy on Koii Network, which was first presented at Koii Town Hall #10: Task Creation Contest on March 15. I am excited to analyze it further and share it with the community today.
From a Cup of Coffee to Tracking Its Carbon Footprint: Envisioning the Future
The world doesn’t need more vague promises about environmental protection. We need concrete solutions. Imagine, when you sip a cup of coffee, you can scan the QR code on the bag and track the product’s entire supply chain – from the farm, through harvesting, processing, shipping to the retail counter. All of this information not only tells you the product’s carbon footprint, but also provides insight into its environmental impact.
EcoTrace - an idea for this solution built on the KOII Network platform, will make this vision a reality, transparently and automatically. Using the Koii node, all data about the product's supply chain will be verified and stored on the blockchain. Each product will have a representative NFT, containing all information about its origin, production process and carbon footprint. This not only promotes transparency but also incentivizes businesses to act for the environment.
All carbon footprint traceability information will be fully displayed with just one QR code
So what is the EcoTrace/carbon credit solution on the Koii Network blockchain?
Providing blockchain solutions for green supply chains, helping companies and consumers easily track the origin and environmental impact of products.
This will help promote responsible consumption and support businesses in optimizing their production processes to become more environmentally friendly.
Using Koii Nodes: Koii nodes act as verification of the origin and carbon footprint of products throughout each step of the supply chain. Each product will have a unique NFT stored on the blockchain, ensuring transparency and authenticity.
Impact: Improve the sustainability of industries, help reduce environmental pollution and encourage responsible consumption.
So how does Koii Network provide EcoTrace/carbon credit solutions?
Koii Network helps increase transparency and traceability of carbon footprint products by connecting information from multiple stakeholders in the supply chain and storing it on the blockchain.
Koii Network and Koii Nodes: A global network of computers that allows passive income to be earned from verifying transactions and data on the blockchain. Koii nodes provide transparent and authentic verification of provenance and carbon footprint through the creation of NFTs on the blockchain for each product.
Each product will be assigned a separate NFT, which users can access at any time to ensure the safety, transparency and authenticity of information.
Using blockchain technology, Koii Network can support the development of a decentralized carbon market where organizations and individuals can buy, sell or exchange carbon credits easily and transparently. Koii nodes can be used to automate transactions and payments based on the achievement of sustainability goals, such as carbon emission reduction, helping to create a digital economic system that incentivizes environmental friendliness.
Support the solution to create an open ecosystem on Koii Network for developers to build separate applications to track and manage carbon credits or other environmental-related solutions. These applications can take advantage of the blockchain's transparency and immutability to facilitate the efficient, secure, and easily auditable trading and management of carbon credits.
Integrating AI and machine learning technology into the data verification and analysis process to help automate the analysis of data on origin and carbon footprint, providing more accurate and fast information. Not only does it help increase the efficiency of information management on the blockchain, but it also helps users and businesses easily understand and make data-driven decisions.
With a powerful decentralized node system, Koii Network will automate the analysis of carbon footprint and provenance data. The project has surpassed 90k nodes in August 2024
How it works:
User Interface (UI) Development: Create easy-to-use interfaces for businesses and consumers to access and view product information.
Process description: Collaborate with carbon credit providers, social organizations, and environmental organizations to collect carbon footprint and origin data, then create NFTs and apply Koii nodes to verify and store information on the blockchain.
Develop and deploy Koii nodes: Each node will be responsible for verifying and recording product-related information on the blockchain.
Identify products and information to track: Including the origin of raw materials, production process, and carbon footprint. For example, each shipment will be assigned a unique NFT, such as coffee products. In the coffee supply chain, from planting, harvesting, processing, shipping to retail, each step can be recorded and verified through NFT. This NFT contains information about the origin of the coffee, how it was grown (e.g. organic, biodiversity protection), carbon footprint during transportation, and more. This not only helps consumers understand the products they buy, but also encourages sustainable practices in the coffee industry.
Create an NFT for each product: This NFT will contain all authentic and transparent information regarding the product's origin and carbon footprint.
Deploy and scale: After testing and optimization, scale up the solution to a large market.
Strengthening cooperation & providing solutions: With social organizations, with units that have sources of carbon credits, organizations working for the environment.
Koii Network nodes will be responsible for verifying and recording product-related information on the blockchain.
Benefits for network participants:
Koii Network gives people the opportunity to earn money by using their computers to participate in the network. Users can earn passive income by allowing the network to use a portion of their computing power to verify transactions and data on the blockchain. This helps the network operate transparently and efficiently, while also paying users based on their contribution to the network.
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KOII Network and EcoTrace: Solutions for Carbon Credit
EcoTrace goes beyond supply chain tracking and management to play a key role in developing the carbon credit market. Carbon credits are an important financial instrument that allows companies to purchase the right to emit carbon or to profit from their emissions reductions. However, the carbon credit market currently faces many problems with transparency and transaction management.
KOII Network, with its Proof of Stake (PoS) mechanism and Koii nodes, will provide a decentralized platform that ensures transparency and security for carbon credit exchanges. Koii nodes act as verifiers of carbon transactions and store them on the blockchain, helping to build a decentralized carbon credit market where organizations and individuals can trade easily, transparently and efficiently. This will create a green economic ecosystem, incentivizing businesses to take measures to reduce carbon emissions and contribute to environmental protection.
Koii nodes act as verifiers of carbon transactions and store them on the blockchain, helping to build a decentralized carbon credit market.
AI and Machine Learning: How EcoTrace Automates Carbon Footprint Management
While blockchain brings transparency and security, AI and machine learning will be key to optimizing the carbon footprint management process. EcoTrace not only provides traceability but also integrates AI technology to automate data analysis and processing. This will help businesses and consumers easily track and understand the environmental impact of each product, thereby making accurate data-driven decisions.
AI will take on the role of quickly and accurately analyzing information related to carbon footprints and production processes, helping to reduce the time and effort in supply chain management. This will be the foundation for incorporating environmental data into everyday business decisions.
DePIN – The Future of Decentralized Infrastructure
DePIN (Decentralized Physical Infrastructure Networks) is one of the most promising technology trends in the coming years. Instead of relying on traditional centralized systems, DePIN allows users to contribute physical resources to the network and earn passive income from providing verification and storage services.
KOII Network is a prime example of this model. By deploying Koii nodes, users can participate in verifying transactions and data on the blockchain and receive rewards. This not only creates a strong decentralized network but also encourages community participation in building a sustainable blockchain infrastructure.
Users can participate in verifying transactions and data on the blockchain by running Koii nodes and receive rewards
Proof of Stake (PoS) – How KOII Network Reduces Carbon Emissions
One of the biggest advantages of the KOII Network is its use of a Proof of Stake (PoS) mechanism instead of Proof of Work (PoW). This significantly reduces energy consumption compared to blockchains like Bitcoin or Ethereum before the switch. PoS does not require large amounts of electricity to verify transactions, which significantly reduces the carbon emissions associated with maintaining a blockchain network.
Instead of consuming huge amounts of energy, PoS uses validator nodes that are randomly selected based on the amount of stake they hold. This not only makes the system more energy efficient but also helps build a greener and more sustainable blockchain environment.
Conclusion: EcoTrace and DePIN – The Green Future for Sustainable Supply Chains
EcoTrace, built on the KOII Network and powered by the DePIN model, does more than just promote transparency in the supply chain. By combining blockchain technology, AI, and machine learning, EcoTrace not only creates an efficient monitoring system that makes it easy for businesses and consumers to manage and track the carbon footprint of the products they produce and consume. It also opens the door to a decentralized and sustainable carbon market.
With the DePIN model, individuals and organizations can participate in the process of verifying and managing data, thereby not only promoting sustainable development but also creating a sustainable digital economic ecosystem where everyone can contribute and benefit. This is the future the world is moving towards: a green and transparent future where technology not only serves economic development but also protects our planet.
A big advantage of Koii Network is the use of POS mechanism, which significantly reduces energy consumption compared to other blockchains
If you are an environmental activist, a carbon credit investor, or an app developer interested in this idea. Please message me, or contact Koii Network to make it happen. Together with DePIN and Koii Network, we can change the world.
#BTC☀ #eth #DePIN #PoS #KoiiNetwork
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