The two innovative Canadian blockchain companies are partnering on a landmark transaction of carbon credits represented as digital assets on the Cardano blockchain
iMining Technologies Inc. and GuildOne Inc. are pleased to announce a new partnership that leverages GuildOne’s advanced blockchain and tokenization technologies to support iMining’s commitment towards net-zero carbon emissions in line with Government initiatives.
iMining is joining the GuildOne-founded Zero Genesis project, a collaboration of technology and industry partners. The Zero Genesis project is committed to realizing the positive impact that blockchain technology and digital assets can bring in the pursuit of sustainable development goals. The companies are collaborating on a landmark transaction that represents verified carbon credits as digital assets, or tokens, on the sustainable Cardano blockchain. Each credit represents a tonne of carbon that has been prevented from being vented into the atmosphere as emissions, acquired from sources including GuildOne’s energy industry partners.
In addition to the tokenized carbon credit transaction, the companies are collaborating on the planting of several thousand trees to further offset iMining’s carbon emissions, including projects with Indigenous partners. The carbon storage capacity of this new forest as it matures will also be tokenized as a digital asset.
The global carbon credit market is rapidly growing and is expected to reach up to US $50 – $100B by 2030, according to UN Special Envoy on Climate Action and Finance Mark Carney, and the sale of emissions offsets will be a key part of financing the multi-trillion annual requirements of the energy transition.
However, the carbon market faces numerous trust and scaling challenges. Blockchain technology is a significant advancement on traditional credit mechanisms by providing an immutable digital record of the origin, provenance and certifications of the carbon behind each credit.
The initial purchase transaction of the blockchain-based carbon credits was settled between the parties in ADA, Cardano’s native currency. Khurram Shroff, Chairman of iMining, said that the transaction was a significant move towards realizing his company’s sustainability goals.
“iMining is committed to strong ESG values, and that includes reducing the emissions impact of our operations,” he said. “Joining forces on this project with GuildOne supports both our net zero goals and our innovation in the Cardano ecosystem. We see many collaboration opportunities ahead and are on track to become net-negative emissions by next year.”
GuildOne CEO James Graham said that the partnership represents an opportunity to demonstrate the power of blockchain to support a sustainable future.
“Our unique position as a bridge between the energy sector and digital asset ecosystem allowed us to create a complete solution for turning verified carbon data into tradeable value,” he said. “We value iMining as a partner who is in deep alignment both on core values and creative technology innovation. The inclusion of nature positive credits- the tokens representing newly planted trees – deepens the positive impact of the project – and further illustrates the values alignment of the partners.”
Having completed the initial tokenized carbon credit transaction, the companies are developing the next stage of their joint project, which will engage additional blockchain capability through the use of R3’s Corda platform in the exchange and settlement of the ESG1 Tokens.
About GuildOne Inc.
GuildOne leverages the power of advanced blockchain infrastructure and applications to build innovative digital assets and ESG solutions. Working with industry and technology partners including R3 and AWS, the company’s pioneering smart contract technologies and secure networks are transforming how business transacts, shares data and creates value. Uniting product intelligence with blockchain traceability and digital assets, GuildOne is developing the automated foundation for the next generation of verified carbon credits.
About iMining Technologies Inc.
With diverse blockchain investment and infrastructure solutions, iMining is a leader in accelerating the growth of value creating DeFi opportunities for the enterprise market. The company’s operations include secure and sustainable cryptocurrency payments, staking, mining and digital asset investment designed for the scale and compliance requirements of institutional clients. iMining is committed to building strong global blockchain ecosystems and supporting inclusive access to digital tools and technologies.
Photo by Marek Piwnicki on Unsplash
Read More: MoonWhips Is All About Mental Health In The NFT Space
ADDX Expects Significant Upside in Japan, As Partner Tokai Tokyo Receives Security Tokens License