A research team at Yale University wants to use new technologies to find out how mankind can fight climate change. As part of this project, the academics have been working on the Internet of Things, artificial intelligence and the Linux’ Hyperledger blockchain platform.

Carbon dioxide concentration in the atmosphere alarmingly high, climate change effects frightening

According to a research report by the environmental organisation Conservation International, the carbon dioxide concentration in the atmosphere has been at an alarmingly high level since 2018. The report also mentions that the number of people at risk from the effects of climate change is around 11 percent of the world’s total population. The team at Yale University’s Open Innovation Lab wants to use blockchain technology to enforce carbon measurement and tracking.

Oil wells and their emissions are to be made measurable using blockchain

Martin Wainstein, founder of the Yale OpenLab, wants the hyperledger-based blockchain solution to focus exclusively on climate change. Wainstein sees a large potential area of application, particularly in the field of oil production. Blockchain technology can be used to measure and record the carbon footprints of oil wells and assign them a verifiable identity card using a digital identity system. As part of this investigation, Wainstein has been working with the Government of British Columbia (BC) on a project to track and verify oil wells in the Canadian province.

New carbon accounting business for the “Big Four

Wainstein also sees great opportunities for the “Big Four”, namely Deloitte, KPMG, EY and PwC. According to the researcher, carbon accounting will become an immensely important part of everyday life in the near future.