woodify Opts for Blockchain-Powered Digital Certificates to Issue Carbon Offset Certificates

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Jul 13, 2021, 00:30 ET

BANGALORE, India, July 13, 2021 /PRNewswire/ -- woodify is an impact company delivery ecosystem services by converting damaged monoculture forests into natural mixed forests and commercial forests into reserves. Additionally, woodify creates new spaces for our environment to develop natural forests on formerly unused ground. Key scope is to reduce carbon footprint and remove a great deal of CO2 from the atmosphere while caring for biodiversity, water, soil and local cooling.

Highlights:

woodify Opts for Blockchain-Powered Digital Certificates to Issue Carbon Offset Certificates

Driving Carbon Offset Transparency And Accountability

woodify is set to issue up to 100k carbon offset certificates per year through Certif-ID's blockchain-based platform which acts as a carbon offset recording and verification system.

Preventing Carbon Offset Fraud with Blockchain

By digitizing and linking certificates to specific reforestation projects using blockchain, woodify is removing any possibilities of bad actors selling fake or expired certificates.

Cost-Effective Way to Track & Reduce Carbon Footprint

Using the Certif-ID platform to issue digital carbon offset certificates, woodify is reducing the costs involved in verifying transactions - removing the need for third-parties

In addition to improving the biodiversity of forests and reducing global warming, woodify is also making an effort to bring back trust and transparency associated with carbon offset transactions between individuals, private companies, and public organisations.

"As we are embarking on a journey to bind CO2 and build better forest ecosystems, we wanted to adapt new technologies which would help us further our mission," said Nils Reinhardt, Chief Executive Officer, woodify GmbH. "When a piece of forest is sold, we wanted to share a CO2 certificate with geo-coordinates for that piece of forest without having to worry about it being manipulated or misplaced."

"woodify was looking for a system to issue and track details such as geo-coordinates and time stamps of pieces of forests which are sold. Choosing blockchain technology for this purpose is ideal due to its traceability, decentralization, and reliability features," said Timothy Miller, Founder & Managing Director, Certif-ID International OHG. "At Certif-ID, we focus on bringing trust and transparency to industries that rely on certification. Education, independent audit and assessment, healthcare and sustainability are all able to utilize the Certif-ID SaaS platform to issue certificates, manage and analyse data anchored to blockchain. Partnering with woodify, provided us with a great opportunity to launch into a new and important sector."

Why is There a Need for Digitisation of Carbon Credits?

In December 2015, all nations came together for a common cause, under the Paris Agreement, to combat climate change. To ensure that all parties put their best efforts forward and to recognise clean energy producers, carbon credits were created.

A carbon credit is a tradable permit or certificate that gives the right to emit one ton of carbon dioxide or an equivalent of another greenhouse gas. So, carbon credits are purchased by companies or individuals to make sure they are within their climate targets for their current emissions. But, when it comes to trading carbon credits, there are no standardised methods to verify the same.

Several environmental groups accused the system of being corrupted, where some countries simply showed an elevation in emissions to get paid for curbing them. The carbon credits are based on projects that are either evaluated individually or are supervised as per their lifecycle.
The data collected should be tamper-free and should not have scope for false alterations. This is possible with the help of blockchain technology. The fundamental design of a blockchain is its ability to link new blocks of information/transactions to previous blocks. Thereby, creating a cryptographic chain which is hard to break, and thus offers a reliable way to issue and track carbon credits.

Certif-ID to Power Carbon Credit Certificate Transparency and Accountability

To overcome any accusations of the certificate being fake, woodify introduced the Certif-ID blockchain-based system. Through Certif-ID, a transparent ecosystem which tracks climate and emissions data, and how carbon certificates are being traded was set up.

Certif-ID is a blockchain-powered platform which allows organisations to securely issue digital certificates to all parties involved. The digital certificates issued via Certif-ID can be customised with QR codes and verifiable links. When a digital certificate is issued, it creates a permanent link between the issuer and person receiving it, making the certificate tamper-proof or fraud-proof.

"We found the solution we were looking for in Certif-ID. Now, using Certif-ID's blockchain-powered platform we're issuing digital carbon offset certificates for all our reforestation projects," said Nils Reinhardt, Chief Executive Officer, woodify GmbH. "Embracing Certif-ID's blockchain framework has helped us digitize our certification system. It offers protection from any fraudulent activities and we can rest assured that the trust and transparency our purchasers are looking for is delivered."

woodify is currently in the process of building a network of projects across Germany that will result in 1 million tons of carbon sequestration. The corresponding certificates will be sold to corporations or individuals. Along with each sale, immutable records of carbon offset, linked to specific reforestation projects will be issued.

woodify is set to issue 50 to 100k carbon offset certificates per year via Certif-ID. These immutable records of carbon offset will be encrypted, secure and instantly verifiable. With Certif-ID, woodify can ensure that no counterfeit certificates are distributed.

Additionally, as Certif-ID has no hardware dependencies, anyone with platform access can work on it from any device at any time. This makes the carbon offset certificate issuance and verification processes easier.

"Whether it is the edtech or the environment sector, we at Certif-ID believe in offering sustainable solutions. We've come a long way, and our aim still lies in enhancing the lives of all stakeholders involved and being a catalyst for edtech and environmental stewardship," said Timothy Miller, Founder & Managing Director, Certif-ID International OHG. "The Certif-ID platform has entered a new market of upholding environmental sustainability. And, we're certain that our platform will act as a dependable means to ensure that carbon credits remain accessible and tamper-free."

As woodify is digitising carbon certificates - from creation to sale to retirement on a blockchain-powered platform, anybody can unquestionably get involved in carbon offsetting without the fear of fraud

About Certif-ID in the Carbon Credit Ecosystem

Certif-ID is a blockchain-powered platform that acts as a carbon credit recording and verification system. It connects key stakeholders across organizations and various sectors while offering complete trust, transparency and accountability for all transactions. Using the Certif-ID platform, organizations can issue digital carbon credit certificates over blockchain, simplifying their certification and verification processes. The use of blockchain makes every transaction transparent and verifiable. Anyone can verify the issued digital credentials without the need of third-parties.

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