UAE’s Technology Innovation Institute Unveils Blockchain-Powered Carbon Tracking Platform Dec 5, 2023 Dec 5, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsDecember 5, 2023 by Kelly Cromley

UAE’s Technology Innovation Institute Unveils Blockchain-Powered Carbon Tracking Platform

The Technology Innovation Institute (TII), a prominent UAE-based research institute and the applied research pillar of ATRC, has introduced a revolutionary blockchain-powered carbon tracking and trading platform. Known for its focus on advanced research spanning various domains, TII, with its 10 dedicated research centers, plays a pivotal role in enhancing Abu Dhabi and the UAE’s reputation as a global innovation hub.

 

Cryptography Research Center’s Sustainable Initiative

 

Developed by TII’s Cryptography Research Center (CRC), the platform aligns seamlessly with the UAE Vision 2021’s commitment to a sustainable environment and achieving net-zero emissions. Additionally, this initiative supports the objectives of COP28, aiming for a low-carbon, high-growth, and sustainable economic model.

 

Transparent and Eco-Friendly Blockchain Implementation

 

CRC’s lightweight blockchain implementation aims to enhance transparency and verification in carbon trading activities while minimizing environmental and computational costs. Unlike existing projects, TII’s platform stands out by enabling public verification of tracking and trading without significant resource consumption. In an official statement, TII representatives emphasized the platform’s contribution to the UAE’s technological leadership and climate action agenda.

 

Facilitating Global Carbon Trading: A Transparent Chain of Trust

 

TII’s platform stands out by facilitating global carbon trading preparations and accurately recording emissions from organizations worldwide. This establishes a transparent chain of trust for audited transactions. The platform introduces tokens representing removed carbon dioxide, encouraging investments in eco-friendly projects such as carbon capture and forestation.

 

Blockchain-Enabled Proof of Concept

 

While other organizations focus on digital carbon trading platforms, TII’s platform distinguishes itself as a blockchain-enabled Proof of Concept. It not only allows the creation, storage, and transparent trading of tokens representing removed carbon dioxide but also incentivizes investments in green projects. The move supports the global carbon credit market, established during COP21 in 2015, which aims for enhanced regulation, with recommendations set for COP28 approval.

 

Secure and Eco-Friendly Transactions

 

TII’s blockchain implementation incorporates Public Key Infrastructure (PKI) and advanced consensus algorithms, ensuring secure and environmentally friendly transactions. Officials from TII’s Cryptography Research Center underscored the platform’s design, emphasizing its capability to offer secure and confidential carbon tracking and trading.

 

Falcon 180B: Advancing AI Proficiency

 

In a parallel development, the Technology Innovation Institute launched Falcon 180B in September 2023, representing an advanced iteration of its flagship language model. The product, designed for open access use in both research and commercial applications, aims to enhance the UAE’s proficiency in artificial intelligence. This launch follows Falcon 40B, an open-source AI model unveiled earlier in 2023, marking a significant step in providing accessible AI models for researchers and commercial users alike.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.