Development of a Blockchain-Based Web3 Application for CO 2 Absortion Right Management

Abstract

The advent of Web3 technologies and blockchain has opened new avenues for exploring decentralized solutions to pressing environmental issues. A blockchain-based Web3 application for the management of CO2 absorption rights could be a very effective solution to combat climate change. Blockchain technology allows the creation of permanent and transparent records of transactions in a decentralized network, which makes it an ideal tool for monitoring and managing CO2 absorption rights. The rights could be registered in the blockchain and transferred through smart contracts, which would guarantee the validity and traceability of these transactions. In addition, the Web3 application would allow greater accessibility for users, since it could be accessed from anywhere without the need to have proprietary systems installed. Decentralized applications could also be used to verify CO2 emissions and removals by users, which would increase transparency and trust in the system. This paper presents the development of a novel Web3 application that leverages blockchain technology for managing CO2 absorption rights using Non-Fungible Tokens (NFTs). The proposed application allows for the secure, transparent, and efficient management of CO2 absorption rights, significantly enhancing the effectiveness of carbon offsetting initiatives.