EnviroCoin: A Holistic, Blockchain Empowered, Consensus-Based Carbon Saving Unit Ecosystem

Abstract

The capacity of the greenhouse gas recycling mechanism in nature has long reached its limit, resulting in a sharply increasing trend in the marginal cost of recycling one unit of human-produced carbon and other greenhouse gas emissions. Externalities associated with the marginal cost of greenhouse gas emissions affect health, climate, and the economy, which have urged global authorities and governments to request urgent actions to slow down the production of such pollutants. Nonetheless, without public awareness and a holistic mechanism to monetise the impact of pollutants, a universal strategy to reduce greenhouse gas emissions is condemned to failure. This paper presents an overview of emerging technologies that can come together to offer an innovative solution for monetising, incentivising and realising the reduction of greenhouse gas emissions. Through a brief review of the literature, an innovative ecosystem is proposed for the first time, accounting for a unified platform for carbon verification, validation and monetisation, which can be adopted as a business model to validate and monetise the amount of incentivising businesses and people for carbon saving on a decentralised blockchain platform.