The University of Cambridge is working on the development of the Carbon credit marketplace on the blockchain network of Tezos.
In the present time, Blockchain adoption is at a tremendous level. And this industry of blockchain revolution is not limited to the Fintech, Banks and crypto firms but also it is taking place in the other sectors where blockchain is not needed much. But still with the increasing adoption because of the reliability of the blockchain technology, all sectors are adopting it.
In the latest, a novel decentralized carbon credit marketplace is under development by the University of Cambridge- a highly popular University in the world.
This marketplace will be deployed on the Tezos network. Tezos network will provide high scalability based on secured transactions to the marketplace’ operations. The main aim of the developers of “Carbon credit marketplace” is to make such kinds of platforms highly decentralized, so that purchasers and supporters of the nature & health of the environment can easily contribute by purchasing the carbon credit on the platform with full automation work instead of going through intermediates.
This initiative is named ‘Cambridge Centre for Carbon Credits’. This initiative originated in the ‘Department of Computer Science and Technology and the Conservation Research Institute’. And in this project, both scientists and researchers will work.
Tezos is a high scaling blockchain network system. Smart contracts and the governance protocols in the Tezos network are fully eco-friendly
We can understand the efficiency of the Tezos blockchain through the latest example. Where Tezos team said that they deployed 4 NFTs digital collectables on the network and that caused .00054 lbs of carbon dioxide. But the same thing produces 915 lbs of carbon dioxide on the Ethereum blockchain.
However, there are other projects in the market, which are working on the new development works to lower down the fees system and also make efficient blockchain protocol for the NFTs marketplace.