Sign In  |  Register  |  About Santa Clara  |  Contact Us

Santa Clara, CA
September 01, 2020 1:39pm
7-Day Forecast | Traffic
  • Search Hotels in Santa Clara

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

nChain Signs Agreement With NAGEX to Develop Blockchain-Based Carbon Exchange Platform

ZUG, Switzerland - December 5, 2022 - (Newswire.com)

nChain announces today the signing of an agreement with NAGEX to assess the viability of a global CO2 index based in North America that incorporates physical storage of CO2 and digital blockchain ledger technology.

Finding a global carbon price

Despite being one of the largest commodities in the world, carbon dioxide is rarely included in the primary indices designed to represent global production, consumption, and trading. Governments are imposing more taxes and fees on carbon emissions, but these are not based on a realistic, global free market price—and without that, financial markets struggle to allocate funding to sustainability projects. NAGEX hopes to accelerate CO2 trading volumes and encourage CleanTech investment with a revolutionary platform to first capture the provenance data of CO2 before digitizing the carbon market and developing a CO2 pricing mechanism and trading platform.

"nChain is excited to be working with NAGEX on this ground-breaking project that aligns well with our ESG strategy. Over The Counter CO2 commodity trading needs reform, especially when it comes to liquidity, transparency and pricing. Blockchain technology can help secure that, and we're proud to have built one of the most scalable and energy-efficient ledger designs globally," nChain's Chief Commercial Officer Leandro Nunes commented.

Tokenising data with blockchain

Blockchain technology ensures data is securely stored in a public and immutable way, and the NAGEX platform uses this to create digital Carbon Warrants Passports (CWPs) by issuing a unique 'token' for each carbon credit, permit and offset that cannot be altered or replicated and, whilst they can be traded an endless number of times, are "spent" only once. The unique benefit of NAGEX's platform is scalability: where competitors bundle thousands of permits into lots, nChain's technology allows the trading of individual permits—microtransactions—for low fees. The exchange is also transparent by design and more easily regulated.

NAGEX's CEO Brian de Clare stated, "To enable the CO2 carbon credit market to function in a manner that attracts significant capital to the CleanTech sector globally, the industry, governments, financiers, regulators and other participants need a global standardized and verifiably trustworthy price for CO2 that has been neutralized from its harmful effect on the environment. NAGEX is excited to leverage nChain's blockchain expertise to assist us in creating the CWPs that will serve as the backbone of NAGEX's value proposition. With the immutable nature of the blockchain along with a network of storage locations in North America, NAGEX will be able to offer clients certified carbon credits that capture data from the first emission, through every trade, regardless of size, down to the very end of the supply chain, where the price discovery can rely less on governmental influence and more on the supply and demand for those credits, permits and offsets."

Engaging relevant experts

NAGEX has engaged the services and expertise of nChain and is in the process of engaging one of the leading consulting firms globally for a consultancy phase before moving to develop the blockchain-based platform. NAGEX is in the process of building and securing rights to a series of storage facilities in North America where CO2 can be permanently sequestered. The objective is to begin the process of moving CO2 emissions pricing away from governments to a more free market model influenced by supply and demand. Once it has been successfully rolled out to the North American market, the plan is to expand the model globally.

--ENDS--

About nChain

nChain is a leading global blockchain technology company and was voted one of the Top 100 most innovative firms in the world in 2022. We offer software solutions, consulting services and IP licensing for clients in various industries looking to benefit from the security and scalability of the blockchain. Our mission is to secure the internet of value. Founded in 2015, nChain employs more than 240 staff, holds over 534 patents and is the developer of the Bitcoin SV Node software, Teranode, LiteClient and more.

Learn more at: nchain.com

About NAGEX

NAGEX is a fintech commodity exchange building a standardized, accountable and trustworthy platform that institutions, governments, consumers and producers can rely on for global pricing. NAGEX brings a team of seasoned commodity, trading, financial and clearing experts to the growing carbon emissions markets, which blockchain will significantly enhance in the coming years. Behind the formation of NAGEX lies almost 20 years of experience in the environmental industries along with over three years of research and analysis of the CleanTech and blockchain businesses. Founded in 2022, NAGEX's leadership has over 200 years of combined knowledge in financial markets and is working with key partners with whom it intends to build this exchange with.

Learn more at: www.nagex.ca


Contact Information:
Carlos Leira
Director, Marketing & Communications
c.leira@nchain.com


Press Release Service by Newswire.com

Original Source: nChain Signs Agreement With NAGEX to Develop Blockchain-Based Carbon Exchange Platform
Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SantaClara.com & California Media Partners, LLC. All rights reserved.