Chia works with the World Bank

In order to secure the future of the planet, UN countries have entered into the Paris Agreement, which obliges them to develop long-term scenarios for reducing greenhouse gas emissions. For a meaningful strengthening of the response to climate threats, countries must cooperate and monitor the effects of ongoing projects, and this is not an easy task. Differences in legal, technological, and IT systems do not make things easier.

This is why the World Bank Group initiative – The Climate Warehouse – was created. The public metadata profile operates based on standardized registries. All project participants have access to ongoing projects and can monitor their effects and any introduced changes.

To create a simplified and integrated system, it was necessary to utilize blockchain technology. Blockchains have been tested since the early stages of the project, and since January of this year, the World Bank has decided to partner with Chia Network. An openly accessible network with a higher level of security, but with significantly reduced environmental impact, is a particularly suitable choice here. The blockchain allows for real-time tracking of all changes and blocks the possibility of data manipulation, increasing trust between parties and facilitating international cooperation.

There are many benefits to using blockchain technology: open source access, security, transparency, decentralization, inclusivity, and interoperability. The final tests are currently ongoing, and the Climate Warehouse final version will be released later this year.

More about the implemented solutions will be available soon on our blog.