Carbon Emission Monitoring and Credit Trading: The Blockchain and IOT Approach
Derrick Effah, Chunguang Bai, Francis Appiah, Bless Lord Y. Agbley, Matthew Quayson
Abstract
Over the years, carbon dioxide emissions are the primary cause of climate change due to its quantum release by anthropogenic activities. However, inconsistencies in current carbon dioxide emission data make it difficult to ascertain the actual companies' emissions as well as difficulties in assessing trading routes between emitters and cleaners. These inconsistencies impede the sustainable development of low-carbon cities in current times. Therefore, a decentralized, transparent, traceable, and trustless system for carbon emission monitoring and credit trading is imperative in meeting low carbon cities' development. This paper proposes a Blockchain and IoT-based framework on the FISCO bcos platform to monitor enterprise carbon emissions coupled with carbon credit trading using a smart contract. An evaluation of our system demonstrates that our system outperforms other solutions with comparisons on system median response time. The smart contract code for this work is available at: https://github.com/De-miles1/Carbon/tree/master.