Macquarie-backed blockchain firm Trovio to build carbon credit register for NGO body
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The news: Blockchain-based environmental assets and certificates register builder Trovio has landed a contract with voluntary carbon credits body Gold Standard.
The context: Although the contract value is not being disclosed, it was described as “substantial” by a source close to the company.
The Macquarie-backed technology business will migrate Gold Standard’s impact registry onto a new system based on its CorTenX platform.
The technology has been tailored to provide registry services for environmental assets like carbon credits and is designed to connect to marketplaces, exchanges, national registries and digital monitoring, reporting and verification systems.
CorTenX provides similar levels of “tamper-resistant auditability, full chain-of-custody traceability, and secure transaction management” to public blockchain technologies like Bitcoin but is centrally controlled by a single authority rather than distributed across market participants.
The contract with Gold Standard follows an earlier contract win with the United Nations Framework Convention on Climate Change to build a register that can facilitate cross-country exchange of carbon credits, helping facilitate an international carbon market.
Singapore-domiciled and Sydney-headquartered Trovio also has a series of contracts with the federal government’s Clean Energy Regulator to provide a registry for all of its environmental assets including Australian Carbon Credit Units, Guarantee of Origin certificates and Nature Repair Market biodiversity certificates.
What they said: “As carbon markets move into their next generation, the infrastructure supporting them must also evolve,” Gold Standard CEO Margaret Kim said.
“This partnership enables the next generation of registry systems, designed for interoperability, scalability and transparency, while maintaining the integrity and credibility the market depends on.”
Trovio CEO Jon Deane said: “We are proud to support the evolution of its registry infrastructure at a time when carbon markets are becoming increasingly interconnected and operationally complex”.
The source: Trovio media release
