Carbon Newture Consortium Blockchain
What is blockchain
Blockchain is a distributed ledger technology (DLT) that orderly connects data blocks and ensures their immutability and authenticity through cryptography. It enables all data in the system to be publicly transparent, immutable, tamper-proof, and traceable. In the field of carbon management, blockchain technology holds enormous potential for applications.
Public blockchain
Completely open to the public, no authentication required, anyone can use it
Consortium blockchain
Registration and permission are required for the blockchain used within institutions or organizations. It is limited to consortium members, such as the Carbon Newture Consortium Blockchain
Private blockchain
A blockchain where write permissions are controlled by a specific enterprise or institution, typically established within the organization and completely closed
Carbon Newture Consortium Blockchain
Carbon Newture utilizes blockchain technology to create the highly secure ”Carbon Newture Consortium Blockchain“, overcoming challenges such as the difficulty in tracing carbon data, opaque carbon calculation processes, and non-compliant carbon information disclosure.
This initiative supports national carbon peaking and carbon neutrality goals, including constructing a carbon footprint background database, establishing a product carbon labeling certification system, and enriching applications for product carbon footprints to contribute digitally to green product exports.
Members of the Carbon Newture Consortium Blockchain include industry associations such as the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, the China Chamber of Commerce for Import and Export of Textile and Apparel, and the China Chamber of Commerce for Light Industrial Products and Arts-Crafts. It also involves financial institutions like China Construction Bank, Industrial and Commercial Bank of China, and Bank of Communications, as well as authoritative third-party certification bodies like TUV, SGS, Intertek, and Bureau Veritas. Industry enterprises in automotive, textile, chemical, light industry, and other sectors, along with strategic partners, are also part of this consortium.
Practical applications of blockchain
Vertical traceability - Carbon footprint calculation and certification
Using blockchain technology to manage a vast module repository, efficiently completing carbon footprint calculation
Ensure the immutability, security, privacy, and traceability of product-related raw data and emission factors.
Record calculation methods and basis on the blockchain for transparency and verifiability of the calculation process.
Establish a consensus mechanism where authoritative third-party certification bodies can review and certify the process and results of product carbon footprint calculation after obtaining read permissions.
Horizontal traceability - Carbon reduction across the entire supply chain lifecycle
Trace through the entire supply chain from upstream to downstream to consumers, achieving full lifecycle traceability
Blockchain records the location and time of data being uploaded, enabling precise traceability of the carbon footprint sources for batches or individual products.
Using blockchain, enterprises can authorize varying degrees of data access to business partners, ensuring efficient sharing of carbon footprint data while encrypting and protecting sensitive information.
Blockchain technology can attach trusted and traceable carbon labels to products, allowing consumers or downstream customers to quickly understand the carbon information of products.
