Chainlink’s off-chain oracle network, or Decentralized Oracle Networks (DONs) are set to play a big role in assessment of major companies and organizations’ carbon footprint amid the battle towards net-zero carbon emission.
Hyphen, a platform that seeks to help firms reach net-zero carbon emission via verified and validated climate data, and Copernicus, the European Union’s flagship Earth observation program, are tapping into the oracle network to bring carbon flux data to blockchains.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Details provided to Invezz reveal that the project will seek to make this possible via the Hyphen Chainlink Decentralized Oracle Network (DON).
Leveraging Copernicus data collected in various ways, including from Earth-observing satellites, Hyphen flux data sets of greenhouse gases. Smart contracts are then used to help companies and organizations work towards their emission goals.
Benefits of having Carbon data On-Chain
With the Chainlink technology, Hyphen is able to bring data collected and synthesized off-chain onto the blockchain.
It’s a move that should see the platform leverage reporting frameworks, carbon-backed digital assets initiatives and tamper-proof tracking to help Web3 developers harmonize their projects with climate change goals.
David Grimes, the Chief Climate Officer at Hyphen commented:
A means for reliable, transparent, and tamper-proof reporting of greenhouse gas reductions is becoming ever more important today, as organizations worldwide undertake actions to reduce their carbon footprint and financial incentives such as green bonds ramp up.”
Grimes, who also previously headed the World Meteorological Organization, added that the integration of Chainlink and Copernicus provides another benefit.
Using Chainlink and Copernicus, Hyphen brings a capability that will support monitoring of individual actions against a backdrop of global progress, which is essential for valuation in today’s carbon markets.”
Hyphen will tap into Chainlink’s robust industry-standard DON architecture to integrate with top public and private blockchains.
75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.