Carbon Credits

A carbon credit is a permit that allows the owner to emit a certain amount of carbon dioxide or other greenhouse gases. One credit permits the emission of one ton of carbon dioxide or the equivalent in other greenhouse gases.

The carbon credit is half of a so-called "cap-and-trade" program. Companies that pollute are awarded credits that allow them to continue to pollute up to a certain limit. That limit is reduced periodically. Meanwhile, the company may sell any unneeded credits to another company that needs them.

Private companies are thus doubly incentivized to reduce greenhouse emissions. First, they must spend money on extra credits if their emissions exceed the cap. Second, they can make money by reducing their emissions and selling their excess allowances. 

Industrialized countries are required to meet their own emission standard as per the emission market and in case, a country matches its emission standard then it can sell its surplus to the countries that have not been able to meet the emission standard. The Clean Development Mechanism (CDM) executive board issues the carbon credits. The credits are issued for helping the sustainable development work in the developing countries that can be traded further in different markets.

It facilitates carbon trade between the countries and individual companies, to trade pollution rights via a system of cap and trade. So, the companies that pollute less sell their unutilized pollution rights to companies that pollute more. The whole objective is to limit the level of pollution and incentivize the companies that cause less pollution.

After the purchase or sale of carbon credits, it is necessarily to update in carbon registries due to the involvement of tiresome and lengthy process in its management.

• Credibility: Carbon credit faces credibility issue when it comes to seeking out the accurate information related to it, such as validation, verification standards followed or not.
• Transparency: It is hard to know about the origination and the whole journey of carbon credit. The process associated with the journey of carbon trade confirmation, clearance and negotiations are lengthy and time-consuming because of the several steps and procedures are carried out by intermediaries.
• Political Influence: The policy of cap and trade, is mostly set by the political authorities i.e. in permit creation and setting a cap on emissions. And due to the endless pressure and influences, they tend to keep the caps high with a low carbon price. It is evident by the fact that so far, none of the cap-and-trade has managed to get the carbon price more than $10 per ton, whereas, as per the analysis, carbon price need to lie in the range of $25 to $50 per ton. And the revenue earned is supposed to be spent on the energy-related projects but, due to political influences, it has failed to meet its endeavor.

Blockchain is specifically intended to impart transparency and enable auditing of the system. It eliminates all the glitches and possibilities of fraud.

Carbon credit is a data-driven concept and makes use of multiple approval procedures that exist separately but are correlated to one another.
It can perfectly be targeted by Verity One technology. Blockchain is a digital ledger in which the transactions (consisting of unique keys) are recorded in an orderly manner and reside in public domain. It has the capability to increase the transparency, accuracy, and trustworthiness in the realm of carbon credit.

Blockchain can eliminate the risk of double counting and can embolden the trustworthiness, which in turn reduces the energy consumption and will attract the participation of private finance, microfinance, and crowdfunding etc.
Tracking Critical Data

Blockchain can fairly address the damages or losses arising from climate change since it can track the critical data, events, insurance risks and can identify the people adversely affected by it too.

Blockchain can eliminate the risk of double counting and can embolden the trustworthiness, which in turn reduces the energy consumption and will attract the participation of private finance, microfinance, and crowdfunding etc.
Tracking Critical Data

Blockchain can fairly address the damages or losses arising from climate change since it can track the critical data, events, insurance risks and can identify the people adversely affected by it too.

Verity One's Blockchain  can cut the lengthy time duration associated with clearance and trade confirmation process by negating the need for any intermediary like clearing houses. Blockchain can facilitate instantaneous trade confirmations. The use of Smart contract can speed up buying and selling of carbon credits by automating the process of negotiations and agreements. Cryptocurrencies can further facilitate carrying out of instant transactions, and that too, in low transaction cost.

When you make us your carbon credits development partner, you get access to a team of technical experts and marketeers who leave no stone unturned to convert real-world experiences into success stories.

• Blockchain Expertise: We have experimented a minimum of 1000 times with blockchain and know what will work best for you. We do a few things, but we do them extremely well.
• Team of Enthusiastic Experts: Our team of experts exudes the perfect blend of enthusiasm and perseverance needed to refine your offering, following the best tech approach and building communities for your campaigns.
• Accelerated Development: We deliver products that are personalized and strike the right chord with your audience. A well-defined roadmap helps us make the process smooth and accelerate development and deployment.
• 24/7 Support: We don’t leave you hanging after the product launch. Our post-delivery services are something you will not find elsewhere in the market. All you need to do is focus on your business growth while we manage the product.
• Mission-Driven Outcomes: We make sure to create that big impact on your users and that you get 10x value from your investments.

Our carbon credit services will help you contribute your bit to the environment, collaborate with tech giants, and maximize revenue.

As individuals and companies look for new ways and tools to manage the impact of climate change, carbon credits are getting popular as they help the fossil fuel industry become more efficient.

But, what exactly is a carbon credit? Well, it is a tradeable permit or certificate that gives an individual or company the right to emit 1 ton of carbon dioxide or an equivalent of another greenhouse gas.

The present carbon offset market is rife with inefficiencies. This is because credits are sold in bulk to enterprises, and it results in barriers for smaller groups or individuals. The latter thus struggles to make that environmental impact. But, with blockchain in the picture, small businesses are also matching the levels of tech giants and contributing their bit.

Verity’s expertise in technology and IT management let us be your trusted guide along your blockchain-based carbon credit platform development journey. Our flexible approach, mission-driven solutions, and accelerated deployment help you tread faster and gain a solid competitive advantage.

The transparent nature of blockchain is highly beneficial for trading carbon credits while aggregating small buyers for carbon offset projects.

The immutable and highly- secured distributed ledger lets us issue reliably and track carbon credits. Furthermore, public blockchains are easily accessible by small and medium-sized enterprises. This, in turn, reduces the entry threshold for the carbon trading market.