Carbon Credit Management-Generation to Consumption

Demo

About

The problem it solves # Problems: • Carbon footprint monitoring and calculation today depends on manual data gathering and disclosure which leads to an Untrustworthy System. • Carbon credit allotment processes are also manual and leads to many Drawbacks like Double Counting, Green Washing etc. • Trading and Funding in the Carbon Market is done through carbon registries, Thus Dependent on Intermediaries. • All the participants emitters, producers and auditors works independently, Thus <H3>No Proper Visualization of Carbon Credit Lifecycle. • Difficult for auditors to verify the processes as these are done privately, Thus Lack of Transparency in the System. # Our Solution ways to handle the needs: • Our solution can help industries in carbon credit management by automating tracking of their emissions with IoT devices and submitting to blockchain thus remove overhead of maintaining their own ledger while gathering transparent and reliable data. • This solution also allows people who have excess credit to trade with people who have more emissions than the assigned credit thus we are serving to needs of people who want to offset their emission as well as the green organizations to get funding in exchange for carbon credit generation. • This solution allows government and vetting agency to keep track of emission data of all organization and verify it from time to time as per need. • This solution will generate high quality emission data and carbon credit usage which is difficult to find with current systems. This data can be used for research purposes, it also allows us to make protocols and policies for industry to help reduce their carbon footprint and be eco friendly. • Our solution proposes one ecosystem for all the entities, This will gives a better visualization of credits from generation to consumption thus making the process transparent, reliable and easy to track.

How it's made

Challenges we ran into # The major challenge while building this project is Handling scalability issues of blockchain Integrated with IoT devices. As IoT devices gather a huge amount of data and submitting all the data to mainchain is not feasible and effects scalability of our whole application. So, to handle that we are proposing a method: • Instead of sending all transaction blocks to mainchain we are sending it to offchain. • But storing data offchain effects security and validity of data, To handle that we are writing a separate contract that will validate the transactions using block structure. • Storing data offchain also may cause data unavailability problem(server crash) to deal with that we are sending aggregate transactions(one transactions in place of all transactions in that interval) periodically to the mainchain containing summary of that interval. This will enhance throughput of the whole process. # Other major challenge we faced was How to monitor emissions where IoT devices cannot be used ? To deal with monitoring of emissions that cannot be detected by sensors in IoT devices we developed an algorithm that follows GHG Protocol Standards that automatically converts emission actions and its quantity into equivalent Carbon Credits.