The first #blockchain-based #carbon balancing system has also been established in #China, which has dealt a major blow to cryptocurrencies and miners by causing the transition to green energy recently. This system in #Tianjin, a port city very close to #Beijing, known for the country's heavy industry and oil production, was built on the blockchain of fintech giant #Ant Group.
The first blockchain-based carbon offset certification system was launched in Tianjin, one of China's cities known for heavy industry and oil production. It was also noteworthy that this step came one day after the announcement of the national carbon emission market.
The system was built on Ant Chain, the enterprise blockchain platform of the fintech giant Ant Group.
It is aimed to follow the movements in the 'carbon emission market', which is headquartered in #Shanghai, another commercial city, which enables the sale of carbon dioxide emission rights, in a transparent manner thanks to the blockchain. As it is known, China, the world's second largest economy, aims to be completely carbon-neutral by 2060. With the sale of the carbon dioxide emission right, this sector will also be tried to be controlled and green and low carbon systems will be used gradually. Issued 'green bonds' and the National Carbon Market are also seen as part of this plan.
✅Plans to become a blockchain city
The city of Tianjin, known for its proximity to Beijing in the north of China, has been showing that it is open to development in the field of blockchain for a while. In 2019, a blockchain-based customs management platform was started to be operated in the city. Besides being an industrial city, Tianjin is also important with its critically located port. Customs trade is also wanted to be taken under serious control using the blockchain. Apart from China, there are also carbon emission markets in the EU and the USA.
The #Xi #Jinping government, which attaches great importance to green energy, saw cryptocurrencies and mining as an enemy in this sense and closed crypto mining facilities in the country as of May.