Technology
The challenges of the Monitoring, Reporting and Verifications (MRV) of Offset Projects
Carbon offsets projects are sometimes criticized for their opaqueness, the risk of double counting of assets, and MRV bottlenecks. This is particularly true for instance in forestry offset projects. To get a carbon credit, a developer will have to prove that the project has the 3 following attributes in order to receive a certification:
Pact is building technology solutions that address many challenges met in traditional offsetting projects. We propose a large set of options for interoperability, program integration and fungibility of instruments at the discretion of numerous market stakeholders and with negligible transaction costs when it comes to carbon management.
A blockchain-based platform to support a robust MRV for Carbon offset Projects.
By using cutting-edge applications for decentralized web software protocols as well the blockchain technology, we develop solutions that present very significant benefits:
You don’t get the carbon credit unless you go through the validation protocol and transparency, traceability are key and that can represent a challenge.
Thanks to the use of a state-of-the-art enabling technology as a foundation to our solutions, the blockchain technology, we can ensure a particularly robust set of solutions.
Additionally:
The project must demonstrate that it sequester more carbon than in a business-as-usual scenario. This means that carbon sequestration would not have happened without the project
Non-leakage:
GHG reduction in one area should not lead to an increase elsewhere.
Permanence:
GHG removal enhancement and improvement must be maintained over a long period of time with a third-party verification with regular audits during ca. 25 years.
Blockchain technology utilizes advanced security and all data with regards to offset projects cannot be erased or corrupted. Thanks to the consensus method, we ensure that all transactions and data that are ever recorded have been agreed upon. In addition, all element with regards to offsets and operations are encrypted. Because each node in the network hold a copy of the registries, malicious actors wanting to implement any change will have his request rejected and won’t be able to register data on the blockchain.
Improved Transparency and traceability is made possible with the blockchain technology. With a completely decentralized network, the MRV system is fully transparent for actors with the requested access authorization and tracing carbon credit, operational and MRV data can be achieved in a transparent fashion.
Reduced costs and improved speed can be achieved by using blockchain. With no 3rd party involved in MRV data processing, there is less interaction needed when it comes to validating data and transaction. Blockchain can also help reduce human-based errors thanks to automation. This all results in faster and cheaper data processing for carbon offset projects