• IOTA, ClimateCHECK, and Gold Standard will work on improving the transparency in data reporting for climate markets.
• The IOTA blockchain offers blockchain-based automated decision-making to establish the trustworthiness of the recorded data regarding climate change.

Earlier this week on December 13, the IOTA Foundation launched two draft proposals for the digital transformation of the Carbon market in partnership with Gold Standard and ClimateCHECK.

The proposal dubbed a ‘Digital Monitoring, Reporting and Verification (DMRV)’ was first released by a working group of ClimateCHECK. It seeks to increase the efficiency, utility, and coherence of emissions accounting, especially for emission reduction credits.

The proposal also puts light on how to digitize and upgrade quantification methods along with other verification processes and systems. With the digital evolution of the carbon markets, the goal is to improve data quality, accessibility, and resource mobilization. Another goal is also to lower transaction costs for those contributing to climate impact on the ground.

ClimateCHECK is working along with IOTA Foundation and Gold Standard in an open collaboration aimed at improving the demand side, supply side, and interoperability of the carbon market. The bigger news is that Google Charitable Giving is supporting open collaboration.

Digitization of the carbon markets is a step undertaken by a lot of players in the market. Furthermore, blockchain technology brings more transparency into the data management for the carbon market.

Currently, several aspects of project development, Measurement Reporting, and Verification (MRV) are manual, fragmented, and in some cases complex. Blockchain-based digitization will help in achieving speed and reducing the complexity of the market needs.

IOTA’s Push for Climate Change and Competition

Since the very beginning, the IOTA blockchain network has stayed focused on reducing the carbon footprint through different collaborations and initiatives. Last month in November, IOTA announced its partnership with Dell Technologies to address several trust issues related to data transparency in climate control.

Furthermore, as data loads increase, the IOTA blockchain offers blockchain-based automated decision-making to establish the trustworthiness of the recorded data regarding climate change. Dubbed Project Alvarium, it will seek to build trust issues in climate control based on data-driven decisions. With this partnership, Dell Technologies also plans to further its Data Confidence Fabric technology first conceptualized three years back in 2019.

But IOTA is not the only major contributor to effective data handling and other initiatives in climate change. Blockchain platform Ripple is also among the forerunners in the blockchain and crypto space to fight climate change. The company has also deployed $100 million to voluntarily scale the carbon markets.

The company is planning to build a portfolio of long-term, additive, science-based carbon credits that would cater to Ripple’s commitment to hit net zero by 2030.