Harnessing Web3 on Carbon Offset Market for Sustainability: Framework and A Case Study
Document Type
Article
Publication Title
IEEE Wireless Communications
Abstract
Blockchain, pivotal in shaping the metaverse and Web3, often draws criticism for high energy consumption and carbon emission. The rise of sustainability-focused blockchains, especially when intersecting with innovative wireless technologies, revises this predicament. To understand blockchain's role in sustainability, we propose a three-layers structure encapsulating four green utilities: recording and tracking, wide verification, value trading, and concept disseminating. Nori, a decentralized voluntary carbon offset project, serves as our case, illuminating these utilities. Our research unveils unique insights into the on-chain carbon market participants, affect factors of the market, value propositions of NFT-based carbon credits, and the role of social media to spread the concept of carbon offset. We argue that blockchain's contribution to sustainability is significant, with carbon offsetting potentially evolving as a new standard within the blockchain sector.
First Page
104
Last Page
111
DOI
10.1109/MWC.010.2300038
Publication Date
10-1-2023
Keywords
Wireless communication, Text mining, Social networking (online), Carbon dioxide, Blockchains, Recording, Semantic Web, Market research, Carbon emissions, Climate change
Recommended Citation
C. Zhou, H. Chen, S. Wang, X. Sun, A. El Saddik and W. Cai, "Harnessing Web3 on Carbon Offset Market for Sustainability: Framework and A Case Study," in IEEE Wireless Communications, vol. 30, no. 5, pp. 104-111, October 2023, doi: 10.1109/MWC.010.2300038.
Additional Links
https://doi.org/10.1109/MWC.010.2300038
Comments
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