A top global blockchain institute, the University of Wyoming, has inked a deal with ClimateChain to track and trace rare earth minerals (REMs) in “Project NorthStar.” This partnership aims to revolutionize the way REMs are traced and how emission reduction is quantified, qualified, and monetized for those involved in onshoring rare earth mineral production.
ClimateChain, the newest Layer Zero chain, has entered the scene with a novel project that will provide a significant advantage to individuals engaged in onshoring REM production.
“REMs are used in everything from your phone to your electric vehicle… it would behoove us to hasten the movement to onshore and secure these supply chains by capitalizing on the credit markets associated with the reduction in transportation. At the same time helping US EV manufacturers capture substantial Federal incentives that come from onshoring inputs,” said Amanda Martinez, founder of ClimateChain.
By leveraging the power of blockchain technology with zero-knowledge proofs built into the architecture, ClimateChain enables the tracking and tracing of pollution reduction in a highly efficient, private, and innovative manner.
“With our architecture, you don’t have to expose your proprietary business practices to the world. We provide the proof that the event happened and you provide the permission to only those that need to see the details. We can then publish the information on any trading platform or communication tool of your choosing,” explained Martinez.
“This groundbreaking project combined with the recent unprecedented REM finds in Wyoming, will undoubtedly have a lasting impact on the onshoring of supply chains and the efforts towards achieving net-zero commitments by 2030. We are creating a direct monetization method to incentivize the good behavior we want,” added said Steven Lupien, director of the UofW Center for Blockchain and Digital Innovation (CBDI) and a global expert in digital assets.
Filed Under: Technology News