BIS, UN and Hong Kong Monetary Authority Conclude Token Green Bond Trial
Project Genesis 2.0 continued the joint effort to explore blockchain opportunities for green investments.
New
The Bank for International Settlements (BIS), the Hong Kong Monetary Authority and the United Nations Global Climate Change Innovation Center presented the results of their Genesis 2.0 initiative. The project aims to explore the use of blockchain, smart contracts and the Internet of Things (IoT) for a global environmental cause.
The project resulted in two prototype symbolic green bonds, developed by two separate international teams, which are "de facto verified carbon credits" recognized by international, national or other verification mechanisms.
As detailed in the October 24 press release, the two prototype "green bonds" are being developed using blockchain and smart contracts, which track interest in mitigation outcomes (ME). ME is an essential concept in the language of environmentally conscious economic endeavors. It allows issuers to borrow against the delivery of carbon credits in advance and thus to finance their green economy projects in advance.
The first prototype, developed by Goldman Sachs, Allinfra and Digital Asset, demonstrated an ability to achieve intelligent delivery based on bond and MOI contracts and provided source data transparency using IoT technology.
The second prototype, developed by InterOpera in collaboration with Krungthai Bank, Samwoo and Sungshin Cement, was built on an interoperable host chain. Using a combination of blockchain, smart contract, and application programming interface (API) technologies, it also digitally tracked, delivered, and transferred MOIs throughout the entire green bond lifecycle.
Related: Hong Kong unveils completed retail CBDC project that has CBDC-backed stablecoin
The Genesis 2.0 project came as an extension of the Genesis 1.0 project, led by the BIS and the Hong Kong Monetary Authority in 2021. At the time, other private consortia tested the possibility of bond tokenization retail greens using both public blockchain and authorization. blockchain. Project Genesis...
Project Genesis 2.0 continued the joint effort to explore blockchain opportunities for green investments.
New
The Bank for International Settlements (BIS), the Hong Kong Monetary Authority and the United Nations Global Climate Change Innovation Center presented the results of their Genesis 2.0 initiative. The project aims to explore the use of blockchain, smart contracts and the Internet of Things (IoT) for a global environmental cause.
The project resulted in two prototype symbolic green bonds, developed by two separate international teams, which are "de facto verified carbon credits" recognized by international, national or other verification mechanisms.
As detailed in the October 24 press release, the two prototype "green bonds" are being developed using blockchain and smart contracts, which track interest in mitigation outcomes (ME). ME is an essential concept in the language of environmentally conscious economic endeavors. It allows issuers to borrow against the delivery of carbon credits in advance and thus to finance their green economy projects in advance.
The first prototype, developed by Goldman Sachs, Allinfra and Digital Asset, demonstrated an ability to achieve intelligent delivery based on bond and MOI contracts and provided source data transparency using IoT technology.
The second prototype, developed by InterOpera in collaboration with Krungthai Bank, Samwoo and Sungshin Cement, was built on an interoperable host chain. Using a combination of blockchain, smart contract, and application programming interface (API) technologies, it also digitally tracked, delivered, and transferred MOIs throughout the entire green bond lifecycle.
Related: Hong Kong unveils completed retail CBDC project that has CBDC-backed stablecoin
The Genesis 2.0 project came as an extension of the Genesis 1.0 project, led by the BIS and the Hong Kong Monetary Authority in 2021. At the time, other private consortia tested the possibility of bond tokenization retail greens using both public blockchain and authorization. blockchain. Project Genesis...
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