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IBM Partners Mitsubishi for Blockchain-Based Carbon Tracking Project

Liverpool to Reduce Carbon Emissions Using Blockchain

Reading Time: 2 minutes by on July 21, 2018 Blockchain, News
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Liverpool City Council has partnered up with blockchain platform company, Poseidon Foundation, to take part in a blockchain-based carbon credits system. The partnership is part of the council’s efforts to achieve the goal of making Liverpool the world’s first climate-positive city.

LCC and Poseidon Foundation Team Up for Climate-Friendly Future

Blockchain technology has proven to have utility well beyond the crypto industry, and its utilization can be seen in increasingly more aspects of everyday life. This time, the council of one UK city has decided to incorporate the new technology into its planet-conservation efforts. Liverpool is on a mission to become the first climate-positive authority in the world by 2018, and they are using the blockchain to help reach their goal.

Liverpool strives to become the world’s first climate-positive city

(Source: BusinessCloud)

Since 2012, the city has already cut carbon emissions by more than 558,000 tonnes, and they are just getting started. Liverpool is also installing over 15,000 energy-saving LED streetlights in a bid to reduce streetlight energy consumption by 82%. Now, as part of the plan to reduce its carbon footprint by 40% before 2030, the Liverpool City Council (LCC) will employ a blockchain-based carbon credits technology developed by Poseidon Foundation.

Liverpool’s Mayor, Joe Anderson, stated:

“I’m delighted we have signed this partnership agreement with Poseidon to connect Liverpool directly with climate positive projects across the globe. Poseidon’s technology is the first of its kind to deliver a solution to governments, businesses truly, 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.”

The LCC and the Poseidon Foundation will work together for a trial period of one year in a effort to offset the carbon effects of all products and services in the city. In the process, the blockchain platform provides a transparent means of recording the city’s efforts and protecting forests across the globe. People, companies, institutions, and governments alike will have the opportunity to counter the effects of global climate change through everyday activities. Also within the framework of the project, the Poseidon Foundation will educate the public on climate positivity by working with schools and businesses in Liverpool.

The founder and CEO of Poseidon, Laszlo Giricz, raved about the partnership, saying that Liverpool is “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.” Giricz also appealed to other cities, noting that “now that it is clear that our platform is fully scalable, it is time for other cities to take action.” The company is relocating operations to Liverpool in order to participate fully in the city’s vision.

Poseidon’s Blockchain-Based Environmental Activities

Poseidon is a non-profit foundation striving to become a global name in blockchain innovation. The company intends to empower individuals, organizations, and governments to participate in climate action in new ways, offering tools for retailers to incorporate climate action into their business models and retail transactions.

The Poseidon Foundation’s blockchain platform saw a notable practical application in May and June of 2018. American icy treats giant, Ben & Jerry’s, used the platform in their ice cream parlor in London’s Soho. Customers coming to the shop had the chance to support action on climate change through carbon credit purchases, protecting over 1,000 trees in the three-weeks’ process.

The Poseidon Foundation is also cooperating with Liverpool-based car giant BAC Mono to create the world’s first climate-positive car.

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