Carbon Credit Independent Proof

Voluntary Carbon Credit Market

Voluntary carbon credit still uses legacy means to manage and track the trails of carbon credit. It is opaque and inaccessible to the public, requires the public to trust the central organizations that are involved in the auditing, issuing and purchasing of the carbon credit.

What it does

Carbon credit independent proof
It allows organization, which have audited projects that generates carbon credit to issue their voluntary carbon credit on the blockchain.
First, the organization will deploy the CCIP (is a smart contract) into the blockchain on the platform itself. Once done, they are responsible to issue the CCIP to the buyer by minting the CCIP to the buyer's wallet address.
Second, the blockchain records the date of deployment, the address (owner of the associated carbon credit) and the vintage year (when the carbon credit was generated), all accessible by the public.
Next, the owner of CCIP can conduct over the counter deals and transfer the CCIP to new buyers without involving any intermediary. This improves efficiency as the current way requires carbon registry to manually assist the change in ownership when OTC deals are done.
Last, the owner of CCIP can retire the carbon credit whenever they want. This greatly improve transparency as the blockchain records the date of retirement and there is no need to check with a trusted intermediary, such as the carbon registry.
Thus, this provides a transparent records of the carbon credit from issuance to retirement on the blockchain and the public no longer need to trust the organization involves as the records are all accessible on the blockchain.

How we built it

Using remix for smart contract testing and development, webpack and bootstrap for frontend

Challenges we ran into

Deploying the contract on the platform into the polygon blockchain, abstracting the bytecodes and abi away from user.

Accomplishments that we're proud of

Manage to provide a public good for organization to issue carbon credit on frontend with metamask easily.

Lessons learnt

NFT ERC720 standard, web development, blockchain and Polygon technology

What's next for Carbon Credit Independent Proof

A trading place for CCIP for users to easily buy and sell their carbon credit. A dashboard to see status of the CCIP in the market. A collaboration with university in exploring whether CCIP will be useful in the market.

Built With

• html5
• javascript
• metamask
• remix
• solidity