A new partnership to incorporate blockchain technology into marine energy trading has been launched by Deloitte, KPI OceanConnect and payment services provider ZTLment, who will collaborate on the creation of a digital platform for trading of carbon credits in the shipping industry.
The organisations say they will be working together at the International Blockchain School hackathon in August 2023 to develop a transparent, sustainable method for carbon offsetting transactions. Blockchain technology will be central to the platform, to create an unalterable record of transactions as the uptake of carbon credits begins to increase in both voluntary and mandatory markets.
With a trusted source of data on carbon offsets, the partners aim to help create a reliable and effective picture of emissions reduction that can assist in demonstrating accuracy and reliability in carbon offsetting claims.
If the hackathon is successful, the system is expected to be taken to production in the autumn of 2023, with the technology to also be integrated with KPI OceanConnect’s existing marine energy trading platform, AuctionConnect.
“We see huge potential for blockchain technology to accelerate the green transition. Strategic partnerships like ours with KPI OceanConnect and ZTLment are the way forward,” said Rasmus Winther Mølbjerg, Director at Deloitte.
“Blockchain technology has enormous potential to create trust and transparency in the green economy. That’s why companies need to come together to implement robust procedures for issuing, tracking and retiring carbon credits to ensure accountability throughout the entire trading process. Applying systemic trust and transparency in the digital era has never been more important.”