Blockchain and oracles can help clean energy transition, study claims
A new report conducted by Tecnalia Research and Chainlink Labs asserts that blockchain and oracles can help fix climate issues. New dynamics in the energy sector are compelling providers to shift to sustainable and clean energy to combat climate change. While many challenges accompany the clean energy transition, a report claims that blockchain has the potential to help the industry achieve its climate action goals. The report, titled "Managing Climate Change in the Energy Industry With Blockchains and Oracles," was conducted by Tecnalia Research and Chainlink Labs. It outlines how....
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The smart contract will automatically allocate part of the Algorand blockchain’s transaction fees to purchase carbon credits at the carbon offset marketplace ClimateTrade. Proof-of-stake blockchain protocol Algorand will implement a smart contract that will automate the offsetting of the network’s carbon emissions.In a recent announcement, Algorand revealed that a new smart contract would take a portion of each transaction fee within its blockchain network and automatically process it to purchase verified carbon credits at ClimateTrade, a blockchain-based carbon offset....
Solana co-founder Anatoly Yakovenko noted that the integration will be beneficial to DeFi developers building on the platform. Blockchain oracle platform Chainlink has announced the launch of its price feeds on the Solana blockchain. The integration allows decentralized finance (DeFi) developers to use the feeds within their decentralized applications (DApps). In an announcement sent to Cointelegraph, the blockchain oracle platform notes that upon launch, seven price feeds will be available to Solana developers, including BTC/USD, ETH/USD and USDC/USD. At the later stages of the....
The blockchain could serve as the foundation of a system for connecting energy grids, delivering more efficient and environmentally sustainable energy, according to Greentechmedia.com, a news site for the global clean energy market. One company, L03 Energy, is building an “open source cryptographically secure” blockchain to manage transactions across a microgrid. Lawrence Orsini, the founder of L03 Energy, said the blockchain’s impact on energy could be much bigger than bitcoin. L03 Energy has built two nodes collecting generation and consumption data across the microgrid and sending it to....
Late last month, the non-profit MIT Enterprise Forum of Cambridge hosted an event focused on new developments in clean energy distribution and how blockchain technology could play a role in how electrical grids of the future are built. The event was sponsored by the Massachusetts Clean Energy Center, a government-funded agency that promotes clean energy expansion in the state, and included presentations from companies like IBM and startups like Consensys, Lo3 Energy and Grid Singularity. Arguably the most notable demonstration of the night came in the form of Usizo, a crowdfunding platform....
New global carbon market rules with an NFT cap-and-trade platform emerge from the UN’s COP26 conference. In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain.The 2021 United Nations Climate Change Conference (COP26), where I exhibited my art, took place in Glasgow, Scotland and ended with the adoption of the Glasgow Climate Pact, bringing nearly 200 countries....