No virtual token is secured by real value that is specifically tied to that token. Even with the gold standard, no one knew which piece of gold their funds represented. There seems to be no immutable decentralized storage of documentation of the transparent transfer of carbon credit secured by transparent measurement and tracking of stored carbon. Lantmäteriet was never integrated into the production system of the land registry, and would require a change in legislation, as https://www.bbc.com/news/business-51281233 posted. One must take the word of https://registry.verra.org/app/projectDetail/CCB/1636](https://registry.verra.org/app/projectDetail/CCB/1636 that the United Kingdom Conservation Fund purchased 3,905 acres of private, marginal agricultural land to sell to the US Fish and Wildlife Service in 2023, from someone who planted native bottomland hardwood seedlings on 2,606 acres for the implementation period from 19 January 2011 - 15 April 2015 with one Auditor Site Visit on 24-May-2016. That all carbon accrued from this project shall be withheld from the carbon market and cannot be sold or banked. Can that carbon be stolen, vandalized, burned in a fire, or devastated by drought? How are the hardwoods being monitored and measured for carbon sequestration? What was the environmental footprint of the plantation including any occupational injury of landscapers? If the US were to buy the land from the UK, would the US pay for that environmental footprint as well as the calculated carbon stored on the property? How would the US taxpayer determine the price to pay to the UK for the stored carbon to offset the taxpayers' emissions?
In a video, posted 5/18/2021, there is a verbal request from the VP Head of Sustainability Carrie George at Everledger for Elisabeth Green to partner with the Qantas certified 3rd party offset providers to verify carbon offsets, display proper carbon crediting or offsetting, and improve community impacts of purchasing carbon offsets at the time of booking Qantas flights to invest in tree planting. A private individual offered to donate one third of an acre of redwood forest to Elisabeth Green, who collected data about the real estate. Elisabeth Green created an interface at http://green247.org/starts that shows a way to purchase carbon credits and obtain data to document the forest which contains the specified "offset" amount of carbon that cannot be sold, leased, or otherwise used by anyone else without the owner updating the blockchain.
Main Success Scenario
The owner of property containing carbon transmits to the validators some information about the property, including a certificate of ownership and any verification certificates, along with an offer to sell the property at the true cost, notarized if necessary.
The validators register the certificate of ownership, such as the valid real estate certificate of title, on blockchain along with other information about the property.
Our first customer is Qantas asking Elisabeth to work with its verifiers to provide a token that its passengers will enjoy learning about and seeing pictures of.
The Qantas agent enters the amount of carbon that it needs, then chooses a property storing a sufficient amount. The result displays the property's certificate of ownership, any Supply Chain Verification Certificate, any Life Cycle Verification Certificate, any carbon storage verification certificate, and links to the calculation of the estimated carbon content of each item included in the property. The calculations are based on displayed video clips which may be transmitted by an augmented reality visor. Those videos may prove the measurement of the items on the property, the carbon density of the species or type of item, and the resulting calculation of carbon content of the property. The web pages may also display the value of the social, nitrogen, sulfur, and other elements attached to the property. The calculation should subtract from the environmental value of the property any environmental footprint, such as any burning of fossil fuel or displacement of indigenous peoples caused by moving plants or supplies from the nursery or other suppliers to the location of the property.
The carbon value of the property is the stored carbon minus the carbon required to bring it into its current state, all in metric tonnes. The website provides a way for most users to choose the standard units of measurement they are accustomed to thinking in.
The Qantas agent transmits to the validators an authorization, signed using its public key, for both the transfer of the tokens to Qantas in the form of a block hash to copy to its wallet and the transfer of the true cost from its wallet. She also transmits a facsimile of her notarized signature, if necessary. The validators check the operation of the smart contracts. They confirm a match between a public key and its corresponding private key. They confirm the transmission of the true cost from Qantas to the seller and the transmission to the Qantas agent of the tokens in the form of a new block hash to copy to its wallet. Then, the validators register the transaction on blockchain and divide the remainder of the transfer, carbon credit in tonnes minus carbon tokens in tons, among all validators who registered the transaction on blockchain. That is an incentive for the government-licensed and accredited university-certified validators to convert the credits into tokens. However, the validators may work without pay if they so choose. The Qantas agent may then enter the new block hash to view the block data which contains information about the transfer including a link to the data encoded on the near-field communication (NFC) chip located on the property. The NFC data includes the URL of the property description and the original property address bar code where the product was grown or manufactured, GPS data, and information about the radio-frequency identification (RFID) chip also located on the property, and quick response code (QR Code) that is posted on the property. These are redundant identifiers of the property to prove ownership of the property in case of theft. The QR Code links to a display of the same information as a back up. The new block is the Certificate of Title Transfer. The validators or Qantas agent may print out this block and file it in court for a paper trail.
The new block hash is a key to the NFC displaying the natural environmental resources that Qantas may show to its passengers to prove the amount by which it has offset its emissions, or to use in establishing a new legal relationship with others such as showing news outlets that it has offset its carbon footprint or paying for medical care for a patient who claimed to be injured on a flight.