Carbon Credit Transfer System using Blockchain

Abstract

In the twenty-first century, climate change and global warming present enormous difficulties that call for creative solutions to deal with rising greenhouse gas emissions. The Kyoto Protocol established a framework for lowering these emissions by establishing a carbon trading system in recognition of the possibilities of an international market system. The necessity for a more reliable and effective strategy was highlighted by the fact that earlier attempts faced severe obstacles such fragmented implementation, problems with transparency, high transaction costs, and worries about over-crediting. In response, our research attempts to create a revolutionary solution by developing a Carbon Credit Ecosystem with the use of smart contracts and state-of-the-art blockchain technology. By improving market consistency, liquidity, accessibility, and transparency in the carbon domain, this ground-breaking project aims to avoid the mistakes of the past.