Blockchain Technology For Change! Know How This Hyderabad Startup Is Tackling Climate Action

While maintaining the necessary industrial and agricultural output, the prominent concern is to keep the greenery alive. Many companies are in the race to find a solution to implement green projects as part of their climate action. Many believe that going carbon neutral or doing carbon trading and offsetting can contribute to the climate action plan.

Many prominent companies like IBM, Yes Bank, and Citi have started carbon trading and offsetting (when compensating for the carbon emission made elsewhere, it's called carbon offsetting).

Companies worldwide aim to eliminate carbon emissions by investing in carbon offset projects or planting trees and preserving forest cover land.

By purchasing carbon credits, the company gets the right to produce a certain amount of carbon each year. This mechanism of carbon credit and carbon emission leads toward a disciplined use of the environment without harming it much.

Carbon Credit Market Regulation

However, the current carbon trading market is not well regulated and monitored. Several tech-driven blockchain startups have entered the market and offering tokenised carbon credits. Dealers in the market also claim carbon offsetting without any such implementation after sealing the deal from companies.

The TRST01 is a Hyderabad-based technology startup that uses Blockchain and emerging web3 technologies to address Industry Pain points on Trust, Transparency, and Traceability.

The startup uses blockchain technology to record transactions and track assets in a business network. At the same time, to meet the trust of companies for investing in carbon offsetting projects, this startup is providing a transparent and traceable network through blockchain technology which can be used to track every single action taken by the dealers.

The CEO of TRST01, Prabir Mishra, while talking to The Logical Indian, said, "Business in the new normal seeks elements of Truth, Trust and Transparency. We have all right to know the source of the food we eat. How is the food getting produced and reaching us? What is the freshness index of the food? We have all the right to ask for the correct documents in our daily lives, and we should have the quickest way to authenticate those transactions. This is the time we need the help of emerging technology such as Blockchain to help us."

The trio, Prabir Mishra, Suraj Teja, and Puru Modani, established TRST01 to meet the lack of transparency in the carbon trading market. Such an initiative is not just beneficial in eliminating carbon emissions but also invites new stakeholders to be a part of the camp.

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