IBM, Mitsubishi to track capture, re-use of CO2 using blockchain - C2V - CO2 to Value In fact - CLIMAX
IBM Japan has partnered with Mitsubishi Heavy Industries (MHI) to develop a solution, CO2NNEX, that uses blockchain technology to track the capture and re-usage of CO2. Mitsubishi will be responsible for the physical infrastructure that captures the CO2 and IBM will be in charge of the digital platform to trace it. According to the Nikkei, MHI plans to create a marketplace of buyers and sellers to be piloted in 2022.
With blockchain, CO2NNEX traces the collection and distribution of CO2, providing transparency and provides the full visualization of the carbon supply chain can enhance its investment potential.
The use of blockchain in carbon trading is becoming more common in voluntary carbon marketplaces and carbon exchanges.