Singaporean Company Launches World’s First Blockchain-Enabled Carbon Trading ExchangeBy Nov 01, 2019 1 Min Read
AirCarbon Pte, a Singaporean exempt private company, has established the first-ever blockchain-powered carbon trading exchange (CTX) that will permit corporate buyers and airlines to sell and purchase tokens subsidized by carbon offset credits. This is based on the approval of the International Civil Aviation Organization.
According to Bloomberg, the company has appealed to the Monetary Authority of Singapore (MAS) to be given a valid market operator license as its objective is to have the carbon trading exchange entirely operational in 2020.
It is projected that some credits to trade will be generated after the exchange finances the registration costs of various carbon-mitigation projects free of charge.
CTX usually offers spot exchanges in many worldwide environmental commodity markets, such as water and renewable energy certificates. Expressly, it provides a bridge between potential investors and project developers, as well as an end-to-end solution for selling and buying credits.
It also utilizes a distinctive technical IT infrastructure that is founded on cloud computing. Blockchain is, therefore, deemed fit in propelling CTX as it will instigate immutability and transparency.
As reported by Blockchain.News on Oct. 18, CIMB Bank Singapore and iTrust successfully finished their first trade financing transaction. It was founded on iTrust’s functional Blockchain and Internet of Things (IoT) structure.
Image via Shutterstock