Blockchain Ecosystem for Carbon Markets, Environmental Assets, Rights, and Liabilities
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Abstract The problem of social costs, negative externalities and collateral damage (especially related to environmental issues) has remained in the focus of economics for over a century. These issues have become critically important for economic governance in the context of climate change. Ronald Coase has proposed the most efficient market-based approach to the problem of social costs. This approach has introduced the concept of limited right to perform activities harmful to the third party and provided basis for a peer-to-peer (P2P) settlement of reciprocal damage. Decentralized P2P approach is necessary for evaluation of negative impact costs and mitigation benefits. Advance of decentralized arbitration technologies, such as Blockchain, crucially decreases transaction costs for P2P interactions and thus provides for further development of Coase paradigm. Application of Blockchain technology to mitigat collateral socio-environmental damage of economic activities relies on a concept of decentralized P2P and public evaluation of negative impact, distribution of liability, and settlement in the form of mitigation. Decentralized autonomous organization integral platform for climate initiatives (DAO IPCI) is designed to be truly decentralized public Blockchain-ecosystem and aims at creation of common business space to attract financing from investors not limited by financial capacity, location, or legal status with minimization of transaction costs, increased reliability and transparency of the whole process, which would be free of interference, interventions, manipulations, or falsifications. Although the initial objective is to provide existing markets with a “Blockchain option” or “Blockchain representation,” the goal is also to create a way for environmental markets to evolve toward truly decentralized and free personal market choice model.