Innovative Blockchain Solution By AUS Team Aims To Revolutionize Carbon Credits Trading

An innovative blockchain system designed to enhance the carbon credits trading (CCT) market has been developed by a research team at the American University of Sharjah (AUS). This new system, which has been filed for a provisional patent with the United States Patent and Trademark Office, aims to streamline the CCT process, making it more efficient and transparent.

Carbon credits trading is a mechanism that allows companies to buy and sell permits to emit carbon dioxide, with the ultimate goal of reducing overall carbon emissions and encouraging investment in cleaner technologies. The AUS team's blockchain solution seeks to address several inefficiencies found in current CCT platforms, such as the automation of participant registration, credit generation, emission tracking, and trading.

Dr. Malick Ndiaye, Professor in Industrial Engineering at AUS and the research lead, highlighted the system's potential to lower operational costs, reduce processing times, and mitigate risks associated with double-spending and transparency issues. "This innovation not only streamlines the carbon credit trading process but also supports the United Nations' objective of combating climate change," Dr. Ndiaye stated.

The development of this blockchain system took four years and was a collaborative effort within the College of Engineering (CEN) at AUS. Dr. Alia Al Sadawi, a full-time PhD student, played a significant role in this project, which was also supported by an AUS Faculty Research Grant. The research is currently in a prototyping phase at AUS, where a case study on real-time carbon emission measurement and monitoring is being conducted.

Furthermore, the Sharjah Entrepreneurship Centre has provided additional support for this new development phase. The AUS research team is actively seeking external funding and strong market partnerships to expand and scale the technology through collaborations with the Technology Transfer Office at AUS.

AUS is known for its diverse community of scholars, researchers, and students engaged in advanced research across various disciplines. This project is a testament to AUS's commitment to addressing global challenges and contributing to societal betterment through innovation.

With inputs from WAM