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- Hedera Hashgraph is aiding Envision Blockchain’s innovative attempt to revolutionize carbon credit management.
- The blockchain has launched the Managed Guardian Service (MGS) built on Hedera Hashgraph (HBAR) technology.
During the 2023 UN Climate Change Conference (COP28), Envision Blockchain unveiled a new technology dubbed Managed Guardian Service (MGS). Built on Hedera Hashgraph (HBAR), MSG was created to track carbon emissions, using blockchain and artificial intelligence technology.
Envision Blockchain Solutions focuses on building applications for the Web3 space. The company is centered around blockchain and artificial intelligence (AI), with a vision for reframing emissions tracking and boosting voluntary carbon markets.
Similarly, Hedera is a fully open source, proof-of-stake, public network and governing body for building and deploying decentralized applications. The network has succeeded in positioning itself as one of the most sustainable platforms.
At its core, Managed Guardian Service (MGS) aims to pioneer efficiency and transparency in the carbon market. The technology introduces a handful of features including AI Search and Guided Search features. These features are reflective of the significant milestone attained by the company, in its attempt to make libraries of environmental methodologies more accessible.
Users can scan through the United Nations Framework Convention on Climate Change’s (UNFCCC) Clean Development Mechanism (CDM) Methodology library. Other standard registries across the carbon market Industry are also made accessible.
Massamba Thioye, Project Executive UNFCCC Global Innovation Hub at UN Climate Change Secretariat also detailed his thoughts on the intersection of the environment and the Web3 industry.
HBAR’s Executive Speaks New Development
Thioye explained that the UN Climate Change Global Innovation Hub recognizes the significance of innovative Web3 solutions, especially in its attempt to advance the organizations’ collective environmental goals.
As he’s quoted saying;
The recent enhancements to the open source Hedera Guardian and the Managed Guardian Service (MGS), exemplify a significant step towards streamlining and digitizing climate change mitigation methodologies.
He spotlighted the impact of the work done by the Envision Blockchain, HBAR Foundation, and Swirlds Labs. He also pointed out how they leverage Web3 solutions to digitize methodologies. In the long term, the move can enhance transparency, efficiency, and accessibility of the carbon market, Thioye asserted.
Wes Geisenberger, the VP of Sustainability & ESG at the HBAR Foundation spoke on the HBAR foundation and its position in the industry. The HBAR Foundation is proud to support the continued development of the Guardian, as it attempts to merge different parties across the carbon markets. Geisenberger added;
The addition of 15 new methodologies to the largest digitized and open-source methodology library coupled with groundbreaking search functionality for project data, opens new possibilities and innovations based on easily accessible project information.
He credited the innovation to the integration and support of the Voluntary Ecological Market Taskforces dMRV properties. He added that it was bolstered by the guidance of the UNFCCC Secretariat staff. This in turn exemplifies the number of opportunities available in partnership for sustainable development.
