Paper 2024/1863

Carbon Footprint Traction System Incorporated as Blockchain

Abstract

This article tries to offer a solution to an environmental sustainability problem using a forward-thinking approach and tries to construct a carbon footprint tracking system based on blockchain technology while also introducing tokenization intertwined with the blockchain to make everyday use as accessible and effective as possible. This effort aims to provide a solid use case for environmental sustainability and lays the groundwork of a new generation social construct where carbon footprint is a valuable unit like money next to the other important tokenized attributes a person can possibly hold. The study proposes a blockchain-based solution to store the data. Through tokenization, the transacting and sharing is facilitated. As a result, carbon footprint data can be treated as a fungible utility token. The article tries to explain how and which blockchain technology offers an effective solution to challenges in global carbon tracking systems. In this context, a use case was proposed. The critical features of the blockchain-based platform are examined. In addition, the roles of parties and user interactions within the system are detailed. In conclusion, this article proposes the adaptation of blockchain technology together with smart contracts and tokenization to the management of carbon footprints.