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United Nations selects HBAR Foundation, Envision for blockchain-based carbon data marketplace

united-nations-selects-hbar-foundation-envision-for-blockchain-based-carbon-data-marketplace
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United Nations selects HBAR Foundation, Envision for blockchain-based carbon data marketplace

HBAR Foundation in a collaboration with the United Nations, Envision Blockchain and Swirlds Labs unveiled a new digitization platform for carbon markets.

According to a press release on Monday, Dec. 4, 2023 the joint product called Guardian and Managed Guardian Service is designed for digital measurement, reporting, and verification focused on carbon markets. The new solution is being powered by Hedera’s blockchain as well as its native token, HBAR.

Amid the news, HBAR price jumped by 2.6% up to $0.06, according to CoinGecko.

With the product, the UN Climate Change Global Innovation Hub wants to enhance transparency and data accessibility of the carbon market without relying on a centralized intermediary. Massamba Thioye, Project Executive at the United Nations Framework Convention on Climate Change’s Global Innovation Hub, said the efforts “exemplify a significant step towards streamlining” as well as “digitizing climate change mitigation methodologies.”

“The addition of 15 new methodologies to the largest digitized and open source methodology library coupled with groundbreaking search functionality for project data, opens new possibilities and innovations based on easily accessible project information.”

Wes Geisenberger, Vice President of Sustainability & ESG at the HBAR Foundation

For the United Nations, this is yet another blockchain-related collaboration this quarter as the international organization seems to be betting big on distributed ledgers.

Earlier, crypto.news reported that the United Nations Development Programme (UNDP) tapped Algorand Foundation to provide its staff with blockchain knowledge and insights. The so-called Algorand Blockchain Academy is set to be launched in Q1, 2024, providing 22,000 employees of UNDP with recorded lectures and interactive workshops.