Softbank partners with Energy firms to reduce Carbon Emissions using Blockchain Technology

softbank blockchain

Japanese Financial giant Softbank will work together with several energy and technology companies in the country to cut CO2 emissions. The bank released a statement on Monday confirming that it will be part of the project that is expected to kick off in June this year. Carbon Emissions using Blockchain Technology will help decentralize CO2 Trading and can bring much needed transparency.

The Project approved by Japan’s Ministry of Environment will involve trading customers in the rural areas to “trade the reduction value of CO2 (carbon dioxide) by renewable energy with other customers,” over a blockchain platform.

While the idea of trading emissions value is not an entirely new concept, the complexity involved in calculating and trading the value of green energy consumptions limited the trading to large corporations but blockchain technology can now make it possible for small homes to trade these energy gains from generating green energy.

SEE ALSO:   The SEC's View Regarding Bitcoin and Ether May Be Bad News for Investors After All 

The idea of buying and selling energy emission points was from the UN Framework Convention on Climate Change (UNFCCC) in 1992 in Rio. The concept allows polluters to buy licenses from consumers who use green energy and as such don’t reach their pollution threshold thereby maintaining the emission cap for the region.

According to the statement, Softbank’s role will be to authenticate critical energy trading information like “who, what, when, where, how much [energy].” Softbank’s partners in the pilot include energy trading firm Power Sharing, who will supervise the project and provide major blockchain and technological support; and cloud services provider, PS Solutions Co., Ltd. Other partners listed are; LIXIL TEPCO CO., LTD. Smart Partners, TEPCO i-Frontiers Co., Ltd., Local Energy Corporation, Tsuyoshi Natsono Co., Ltd. Office, Cyber Soken Co., Ltd., Public interest Foundation corporation Global environmental strategy research institute.

SEE ALSO:   Twitter Cryptocurrency Attack: No Account Is Safe As A Bitcoin War On Twitter Is At Hand-Thu Jun 21

A trading platform IoMT will enable easy customer-to-customer trading of emission savings. This will, in turn, reduce CO2 emission by encouraging the use of cheap renewable energy at rural households.

The blockchain platform will be developed by the partners and the pilot will evaluate the effectiveness of the business model.

loading...

Legal Disclaimer: The content of this website (smartereum.com) is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on smartereum.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither smartereum.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from smartereum.com.

SEE ALSO:   Japan’s Self-Regulatory Crypto Exchange Commission Set to Release Voluntary Regulations 

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Smart About Crypto!


Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!