Blockchain-Powered NFTs: A Paradigm Shift in Carbon Credit Transactions for Traceability, Transparency, and Accountability
The adoption of carbon credit systems has emerged as a pivotal strat egy in addressing climate change and promoting sustainable environmental prac tices. This research paper delves into the multifaceted landscape of carbon credit systems, specifically focusing on the challenges inherent in their des...
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2023
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| Online Access: | https://bspace.buid.ac.ae/handle/1234/3101 https://doi.org/10.1007/978-3-031-56478-9_6 |
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| Summary: | The adoption of carbon credit systems has emerged as a pivotal strat egy in addressing climate change and promoting sustainable environmental prac tices. This research paper delves into the multifaceted landscape of carbon credit systems, specifically focusing on the challenges inherent in their design and im plementation. We investigate the innovative use of Non-Fungible Tokens (NFTs) as a transformative approach to carbon credits, exploring the intricacies of NFT structures tailored for carbon credit trading. Furthermore, the paper presents a comprehensive examination of the system architecture underpinning a block chain-enabled NFT trading platform for carbon credits. The architectural frame work's design and components are meticulously scrutinized to ensure transpar ency, security, and efficiency in the trading ecosystem. The research also dissects the intricate functionalities that empower the blockchain-NFT trading system, fa cilitating seamless transactions and traceability. A pivotal facet of this study is a compelling case study spotlighting the application of a Blockchain-NFT trading system for Agricultural Carbon Credits within a rural farming community. The case study highlights the tangible benefits reaped by farmers through the innova tive system, shedding light on how the technology incentivizes sustainable farm ing practices and offers an additional revenue stream. |
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