Liverpool To Reduce Carbon Emission via Stellar Powered Poseidon July 23, 2018 July 23, 2018 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
NewsJuly 23, 2018 by Kelly Cromley

Liverpool To Reduce Carbon Emission via Stellar Powered Poseidon

Liverpool, one of the biggest cities in England, is looking at blockchain to manage global warming with an aim to cut its total carbon emissions by 40% in the next 12 years. In this regard, Liverpool City Council have signed an agreement with the blockchain startup Poseidon Foundation to trial the latter’s blockchain solution over the next 12 months.

In the past six years, Liverpool’s Council has cut over 558,000 tonnes of CO2 emission. The council is also planning to

“host a Strategic Business Summit in September 2018 with businesses, social enterprises and not-for-profits from across the city region, where they will explore how Poseidon can help individual companies become climate positive.”

Liverpool City Council has set an ambitious target to become the world’s first climate positive city by the end of 2020. The Council’s Mayor, Joe Anderson, stated

“Liverpool City Council has a significant carbon footprint because of all the services we provide – be it street lighting, the running of countless properties like St George’s Hall or the Arena and our fleet of vehicles. We are already making significant strides to reduce our impact by 40% by 2030, but that is not enough and partnering with Poseidon means we can explore radical new ways to do more.”

Presently, there is limit on the amount of carbon emission an organization can emit. The treaty has been signed by about 170 countries. In case, an organization exceeds the quota, it can purchase carbon credits from individuals or organizations that emit less carbon. This is where Poseidon platform is useful. Poseidon, built on Stellar’s blockchain, makes the process of buying and selling carbon credits simpler. Notably, the platform is accessible even by smaller firms.

The platform can also be integrated with Points of Sale systems, allowing a firm to offset their carbon emissions automatically. Using the facility, Liverpool City Council aims to offset the city’s carbon emission based climate impact by at least 110%.

Furthermore, LCC is in the process of installing 15,000 LED based street lights across 2,000 streets to bring down energy consumption by as much as 82%. The city has successfully reduced carbon emissions by more than 558,000 tons since 2012. Joe Anderson said that

“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.”

According to the white paper, Poseidon Foundation, a Malta-based nonprofit organization, uses

“blockchain technology that introduces transparency and traceability to make and track an impact where it matters most – forest conservation.”

Poseidon has already completed the trial of its platform in partnership with Ben & Jerry’s, a renowned ice cream manufacturer.

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.