Cryptocarbon: The promises and pitfalls of forest protection on a blockchain

【Author】 Howson, Peter; Oakes, Sarah; Baynham-Herd, Zachary; Swords, Jon

【Source】GEOFORUM

【影响因子】3.926

【Abstract】In this commentary, we explore how blockchain is being leveraged to address the fundamental problems with market-based forest protection globally. In doing so, we consider the ways `cryptocarbon' initiatives are creating new challenges that have so far escaped critical scrutiny. A blockchain is a distributed and immutable electronic database - a ledger of every transaction that has ever taken place on a network, stored as cryptographically secured blocks, strung together in a chain. The technology is being increasingly hyped as applicable for a whole range of industries, social service provisions, and environmental management concerns. This includes the facilitation of natural asset market mechanisms, like Reducing Emissions from Deforestation and Forest Degradation (REDD + ). The original aim of REDD + was to incentivise conservation, making tropical forests more valuable standing than cut down. Multiple factors, including lack of consumer interest, created an oversupply of carbon commodities. Ninety-five percent of the world's avoided deforestation credits, representing millions of hectares of conserved forest, were stuck without a buyer. Several flagging REDD + projects are now hoping that blockchain technology can carry them to new heights of market capitalisation. However, like with any powerful new technology, the benefits remain ambiguous.

【Keywords】Cryptocarbon; Cryptocurrencies; Blockchain; REDD; Carbon offsetting; Forest conservation

【发表时间】2019 MAR

【收录时间】2022-01-02

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