CPE Cell to release blockchain-powered carbon credit transaction

CPE Cell, South Korea‘s company devoted to clean development mechanism, has developed a blockchain-powered platform to generate and trade carbon emission credits. For now, only parts of its full-fledged version have been released.

The company introduced technology to trade carbon credit on a distributed ledger platform called Master Node Platform in order to pursue transparency and accuracy in measuring the volume of greenhouse gas reduction.

CPE Cell’s own six-phase technology to achieve certified carbon emission transaction works under a carbon development mechanism defined in the Kyoto Protocol and fosters fair market circumstance in a sustainable development mechanism, the firm explained. The technology also prevents a double counting in carbon emission transactions.

As a result, this allows a measurement of nationally determined contributions with transparency, accuracy and coherence, as defined in Paris Agreement, the company explained. CPE Cell said achieving the measurement is deemed a “huge technical challenge” but at the same time is key to achieving long-term goals to reduce gas emission. 

Parts of the six-phase technology were made open at Innovator4 Climate Frankfurt held on May 22-24, attended by officials and experts from the International Emissions Trading Association, the World Bank, Green Climate Fund and the Climate Chain Coalition, affiliated to United Nations Framework Convention on Climate Change.

The remaining parts will be released step by step in Edinburgh, the UK, in June, in Singapore in July and in Seoul in August, according to Jung Soon-hyuck, managing director at CPE Cell.

CPE Cell has been granted four patents concerning the technology, while it seeks to register five more, said CPE Cell founder Yoo Jae-soo.

By Son Ji-hyoung 
(consnow@heraldcorp.com)