For a better understanding of what has been done, we have created a document to synthesize information about the project. To access it, click here.
Introducing CarbonVerifier, a project that utilizes IoT devices and blockchain technology to generate carbon credits and incentivize climate action.
Our project aims to provide a transparent and secure way for companies to offset their carbon emissions, eliminating the need for trust in third-party verification. By monitoring climate action projects with IoT sensors, we can accurately measure emissions and mint carbon tokens based on the sensor readings.
The carbon tokens serve as proof of carbon offsetting and can be traded on the blockchain. Anyone can verify a company's emissions and validate the carbon token, promoting greater transparency and auditability. Furthermore, the democratization of the carbon offset market, which allows anyone to purchase these credits, not just companies, encourages more widespread sustainable practices.
This project promotes three Sustainable Development Goals (SDGs) of the United Nations, witch are Goals 11 - Sustainable cities and communities, 13 - Climate action, and 15 - Life on land.
CarbonVerifier's business logic relies on a smart contract that receives and analyzes sensor data to determine whether a company is eligible for carbon credit token minting. The smart contract is unique to each company and checks the sensor readings against predetermined threshold values during a specified period.
For natural reserves, CarbonVerifier uses various sensors, such as a sound sensor that has a threshold of 80 decibels to detect chainsaw and other damaging human activities. In addition, a temperature sensor detects 21 to 30 degrees Celsius, air humidity ranges from 80-80% for optimal development in a rainforest, and soil humidity should be within the range of 30-35% for good plant growth in tropical forests. CarbonVerifier also sets a threshold of 350-440 ppm of CO2 in the air to ensure that the rainforest is absorbing carbon at a sufficient rate.
In the case of wind turbines, CarbonVerifier takes into account electricity grid sensors that estimate CO2 emissions based on the electricity generated, as well as CO2 levels in the air. This approach ensures that the turbines are reducing CO2 emissions effectively.
If the average sensor readings exceed the predetermined thresholds, the smart contract will not mint any carbon credit tokens. However, if the average sensor readings remain within the acceptable thresholds, the smart contract will mint new carbon credit tokens for the corresponding company address.
CarbonVerifier's approach provides transparency and trust in carbon emission offsetting. Furthermore, the ability for anyone to buy carbon credit tokens, not just other companies, incentivizes and stimulates the market for climate change efforts, promoting more sustainable practices and a more sustainable future.
All contracts were deployed on the Polygon PoS Mumbai test network.
We integrated the 1inch fusion API, with future implementations in mind when our token is on mainnet. This way, users will be able to swap and obtain our OffsetCarbonToken (ERC20). Additionally, we implemented the 1inch wallet through WalletConnect.