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The Liverpool City council (LCC) recently announced its intentions to use blockchain technology in order to mitigate the city’s impact on climate. The announcement is ambitious and Liverpool hopes to become the first climate-positive city in the world by the year 2020.
Partnership with Poseidon
A tweet from the LCC mentions that Liverpool City council will be signing a deal to utilize blockchain technology with Poseidon in order to become the world’s first climate-positive city. Poseidon is a Malta-based up-and-coming global hub of blockchain innovation.
It’s important to understand that Malta is set to become the world’s cryptocurrency hub thanks to favourable bills that have been passed by the Maltese Parliament. Many companies have decided to move their operations to Malta due to its friendly stance on cryptocurrency, and Poseidon is one of those companies that can operate freely without much intervention from its host country.
The partnership includes a year-long trial of a blockchain platform that will be used to facilitate the security and exchange of tokenized carbon credits. The goal is to improve the city’s climate impact by offsetting over 110% of its carbon emissions.
Liverpool is set to reduce its carbon impact by 40% by 2030 by installing over 15,000 energy-saving LED streetlights, thus reducing streetlight energy consumption by 82%. Since 2012, Liverpool has already cut its carbon emissions by more than 558,000 tonnes.
As part of the trial, Poseidon will also be moving its operations into the city of Liverpool. The foundation will work with local schools and businesses in order to educate the public on how to reverse climate impacts and achieve the climate-positive goal. Poseidon is also working with Liverpool-based BAC Mono to develop the world’s first climate-positive vehicle.
Importance of Blockchain
Blockchain technology is currently seen as one of the world’s essential emerging technologies that will play a crucial role in developing solutions for world issues such as climate and biodiversity. The Poseidon Foundation’s blockchain platform will be used as an open-source digital ledger to facilitate secure online deals for the offsetting credits. Poseidon is already working with other projects around the world such as the Cordillera Azul, The Tambopata-Bahuaja
Biodiversity Reserve and the Guatemalan Caribbean.
Liverpool hopes to become an example for other cities in the UK and around the world. They hope to become one of the first cities that are able to harness the power of blockchain technology in order to deal with one of the Earth’s most troublesome challenges. Once the partnership between the Liverpool City council and Poseidon is shown to have a positive effect on the environment, more cities should follow suit and take action. Poseidon has already shown that it’s platform is scalable, so it’s only a matter of time before it can be practically applied to other parts of the world.
Poseidon’s blockchain platform is already being used by Ben & Jerry’s and an ice cream store in London. In just three weeks, more than 1,000 trees were protected thanks to the carbon credit purchase system.