Autonomous blockchain applications are poised to be the future form of political, economic, and social governing. Modern economic systems and models ignore the impact of negative externalities which leads to the increase of environmental and socio-economic disparity. Contemporary solutions such as biased government regulations, vague compliance guidelines, and carbon credit markets are plagued with issues.
Global climate change and air pollution have become the defining crises of our time, the proposed system puts forth a transparent and intuitive tool that bridges the gap between antiquated regulation and the blockchain revolution.
The goal of the proposed system is to encourage industry to rethink the cost of emitting greenhouse gases (GHG) through the utilization of autonomous smart contracts on the decentralized Ethereum blockchain.
Each factory or emission source will be registered on the GNX network with it's own individual Ethereum public address.
GNX will request total emission readings from facilities on a regular basis, confirm compliance, and automatically withdraw the calculated emissions fee.
The price of individual pollutants will be initially determined by an algorithm which takes into consideration the socio-economic, ecological, and environmental cost of GHG emissions.
The initial annual emission allotment would begin at current total emissions. The total allowed GHG emissions of the system would be gradually reduced thus encouraging industries to reduce their GHG emissions.
If you would like to receive more information regarding the blueprint of our project please feel free to contact us. Individuals from all backgrounds are welcome to contact us.