Zimbabwe has launched a blockchain-based market initiative for carbon credit to introduce transparency to the ecosystem.
According to a report, the African nation wants to overhaul the existing system in favor of a web3-based initiative for transparent and efficient carbon credit changes. The government has made a new regulatory body by the Carbon Market Management Authority (ZCMA) called to supervise the new system.
The new entity will keep the reins in all things with regard to carbon credit markets. The ZCMA will issue approvals and licenses for new CO2 -offset projects and at the same time take on a supervisory role to guarantee compliance with existing rules.
The Ministry of Environment will supervise the ZCMA to guarantee strict compliance with the new regime. Despite the newly beaten regulatory authority and rotating to blockchain, Zimbabwe has not made any major changes to its carbon credit markets.
The California -based company Rippelami, however, notes that the Pivot to Blockchain remains a huge leap for Zimbabwe. The country makes the third largest contribution of carbon credits in Africa and supplies almost 13%behind Kenya and Gabon.
Rippenami exporting notes that embracing blockchain Zimbabwe will see a leading position on the continent, creating a domino effect for other countries to embrace blockchain-based carbon credit platforms.
For Zimbabwe, trust in technology will immediately have benefits for a system that is marred by fraud and inefficiencies. In 2023, Zimbabwe canceled a series of initiatives, demanded up to 50% of the income and urged operators to register again.
The effect of the policy changes was far -reaching, with various investors and project partners distrusting the carbon credit markets of Zimbabwe. Two years later, Zimbabwe turns to Blockchain to maintain the transparency of his carbon credit processes.
Zimbabwe expresses strong confidence in blockchain
Zimbabwe has launched a digital currency supported with gold and offers fractionalization functionalities for investors who like to retain their wealth.
In 2022, Zimbabwe launched a public consultation for its Central Bank Digital Currency (CBDC). The country also comes ahead with artificial intelligence (AI), with Zimbabwean billionaire Strive Masiyiwa who entered into a scheme with Nvidia (Nasdaq: NVDA) to build the first AI factory of Africa.
Norwegian study reveals the rising appetite of the consumer for blockchain-based supply chains for seafood
In other news, a new report from the Norwegian Seafood Council (NSC) has unveiled a peak in the demand for blockchain-based supply chains in the seafood industry.
The report follows broad research by the NSC involving seafood consumers, whereby the results stop a blockchain in the industry. NSC said that nearly 90% confirmed the wish to change the status quo, looking for more transparency in seafood processes.
To achieve transparency, the report notes that blockchain -based service providers are positioned to change the landscape to share information in the seafood industry. With blockchain-driven supply chains, consumers can follow the origin of seafood from source to shelves.
Moreover, NSC notes that the benefits of transparency and immutability will be important characteristics in improving the supply chains of seafood. The NSC report has done a deep dive in blockchain applications in the seafood industry and noted that they can throw more insights than just labels.
The report notes that consumers can collect the sabotage-proof records of seafood life cycles, including their origin and production processes. Consumers can also collect details about compliance with the manufacturers of environmental regulations and halal processes.
The report notes that producers can pick the benefits of blockchain-based systems to follow and document oxygen levels, fish health, egg quality and fish food schedule. A broad application of blockchain will standardize the processes for absorbing and storing data in the seafood industry, allowing consumers to compare products.
Early on blockchain -based use cases in the Seafood Supply Chain have shown promise, which evokes evoking for their regular application. The Fairr Seafood Tracingability Engagement, supported by a coalition of $ 6.5 trillion, has on board seafood suppliers in various global regions.
In addition, with its blockchain-based offer, IBM Food Trust and Provance (Nasdaq: IBM) register impressive usage cases by supervisors and suppliers of seafood in several areas of law. The integration of AI and Internet of Things (IoT) technology will promote the possibilities of blockchain in the seafood industry.
Transparency drives an industrial push in the direction of blockchain
Pioneers around the world turn in the direction of blockchain to improve the range of supply in the food industry. One use case includes the use of blockchain to solve a problem of $ 40 billion food fraud, which affects 10% of the global food supply.
In Nigeria, the branch players argue for blockchain to combat the food crisis of the country. New research confirmed that the progress of the food industry for digitization is stifled by the use of outdated technology.
View: Digitization of the Supply Chain of the Philippines
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