Hyperledger has announced a new working group at Davos that will explore how blockchain can help the world meet climate goals set out in the Paris Agreement.
The enterprise blockchain consortium launched the Hyperledger Climate Action and Accounting Special Interest Group (SIG) during the World Economic Forum (WEF) Annual Meeting. Said to be the first of its kind, the Climate SIG will enable participants to share ideas and findings on how distributed ledgers can help governments and companies coordinate on reducing global emissions.
“DLTs are central to the creation of a global and open climate accounting system that helps integrate all actors and actions under the same planetary goal,” according to Hyperledger’s website.
The technology may become a transparent global database to track emissions, identify problem areas and coordinate solutions, helping the world meet the Paris Agreement’s goal for preventing increases in global average temperatures rising 2°C above the pre-industrial average.
Group participants will consider how Hyperledger’s blockchain can become an open climate project. Members will develop the mechanisms required to enable trustless emissions and climate statistics reporting, and will create the protocols and standards suitable for companies and governments around the world.
“Innovation and the real-world impact of enterprise blockchain are top of mind for us”, said Hyperledger’s executive director, Brian Behlendorf. Initiatives like Climate SIG, he added, will improve understanding for the technology’s use cases and broader potential.
Hyperledger also welcomed six new members to its enterprise consortium, including the digital business consulting firm Cognizant and the University of Hong Kong.
“By joining the Linux Foundation and Hyperledger, Cognizant will be working with several notable organizations to advance the Blockchain and DLT ecosystems for users around the globe,” said Lata Varghese, Cognizant’s vice president for blockchain and DLT.
Some entities have already recognized blockchain’s potential for addressing environmental challenges. For example, IBM has been working on a blockchain-based groundwater-management solution in California, while a 2018 WEF study identified 68 different ways DLT could address issues surrounding supply-chain sustainability and resource management.