Liverpool City Council has collaborated with Poseidon, a tech company, to use the Blockchain Technology for offsetting over 110% of its carbon emissions. According to a recent report by edie.net, the city announced the introduction of the platform in its ambition to become the first climate-positive city” in the world by the end of 2020.
The City reportedly plans to conduct a year-long experiment with the Poseidon Foundation to use its blockchain platform to offset the carbon effect of “products and services in the city by supporting global forest conversation projects.”
The adoption of blockchain technology is expected to play a vital role in the Council’s newly announced bid to become the world’s first known climate-positive authority by 2018 as well as the first climate real city by 2020. The Mayor of Liverpool, Joe Anderson expressed his excitement about the development, he said that;
“I’m delighted we have signed this partnership agreement with Poseidon to connect Liverpool directly with positive climate projects across the globe.” “Poseidon’s technology is the first of its kind to truly deliver a solution to governments, businesses, and individuals around the world to help reverse the causes of climate change and I am thrilled this agreement will bring this cutting-edge technology to our city.”
Previously, Ben & Jerry’s had used Poseidon’s blockchain platform for offsetting the environmental effect of manufacturing ice cream. Interestingly, over a thousand trees had been protected through carbon credit acquisitions at a London Scoop Shop in just three weeks.
The Need for Blockchain Technology in Liverpool
Since 2012, Liverpool has had to cut carbon emissions by about 558,000 tonnes. The council of the City is striving to minimize its carbon impact by at least 40% before the end of 2030. With the installation of over 15,000 energy saving LED streetlights in 2,000 streets, the city aims to reduce the energy consumed by streetlights by 82%.
The platform trial involves Poseidon Foundation moving its operations to Liverpool, and the Foundation is expected to operate with local firms and schools to educate the citizens on the impacts of reversing climate. A spokesperson from Poseidon Foundation, Laszlo Giricz stated that:
“Liverpool is a trailblazer a shining example to other cities in the UK and across the world on what can be achieved through harnessing the power of technology to meet one of humanity’s greatest challenges. And now that it is clear that our platform is fully scalable, it is time for other cities to take action.”
By acting as an open source digital ledger, Poseidon Foundation’s platform will ensure the security of online dealings for the offsetting credits. Projects like that of Peru’s restoration and conservation in the Amazon basin are expected to benefit from the platform.