We’ve been referring here to “the blockchain” as if there’s only one, but in fact there are many blockchains. Early versions of blockchain were quite carbon-intensive because they created new ‘blocks’ via a validation process called ‘mining,’ which involved running lots of calculations on lots of computers. Because computers run on electricity, it required a lot of real-world carbon emissions to generate these digital records—counterproductive for a decarbonization company!
Many blockchains have switched from this ‘mining’ process (known as ‘proof of work’) to an alternate method called ‘proof of stake’ that uses a fraction of the energy. We at Carbon Title have chosen to work with XRPL and Celo as the foundation of our blockchain records precisely because they already run on this lower-carbon method of creating new blocks and in fact are carbon-neutral.
We write a building to the blockchain when the owner claims the building on Carbon Title Explorer. We also update the blockchain record for that building when you make changes to the building data and publish those changes. Until you elect to publish changes to Carbon Title Explorer, any changes you make to the building’s data remain off the blockchain and private to you.
We do not record any data on “draft” buildings (typically buildings in the planning or construction phases) to the blockchain. The data remains private and limited to you until the time you choose to “publish” the building. At this point, we will write the data to the blockchain and the building and any published changes will show up on the map.
Many people think of art when they hear the word “NFT,” but an NFT (“non-fungible token”) is really just a unique digital identifier that cannot be copied, substituted, or subdivided that is recorded on blockchain. We create an NFT when you claim a building on Explorer in order to create a permanent, secure record of the building ownership and emissions.
The NFT is associated with your building and held for you inside of Carbon Title’s systems. If you sell your home or building, you can contact us to have ownership of the NFT transferred to the new owner.
Carbon Title records certain data, such as emissions balances, on a public blockchain that anyone can access using our free Carbon Title Explorer tool. This record is both transparent and immutable, meaning each update cannot be edited by anyone else and will be preserved even if Carbon Title ceases to exist. We believe this is crucial to drive radical transparency around building emissions.
Once you claim your building and set up an account with Carbon Title, you will be able to purchase several high-quality carbon credits within the platform. Once you purchase credits, you can apply them to any building in your portfolio as an offset, thus reducing the carbon balance of that building.
If you have credits you have purchased elsewhere, please contact us to get them added to your building.
