Zimbabwe has launched a blockchain-based carbon credit market initiative to introduce transparency into the ecosystem.
According to a report, the African nation is keen on overhauling the existing system in favor of a Web3-based initiative for transparent and efficient carbon credit exchanges. The government has minted a new regulatory body dubbed the Carbon Market Management Authority (ZCMA) to oversee the new system.
The new entity will hold the reins in all things relating to carbon credit markets. The ZCMA will issue approvals and licenses for new carbon offset projects while taking on a supervisory role to ensure compliance with existing rules.
The Ministry of Environment will oversee the ZCMA to ensure strict compliance with the new regime. Despite the newly minted regulatory authority and pivot to blockchain, Zimbabwe did not make sweeping changes to its carbon credit markets.
However, California-based firm RippleNami notes that the pivot to blockchain remains a huge leap for Zimbabwe. The country is the third-largest contributor of carbon credits in Africa, providing nearly 13%, behind Kenya and Gabon.
RippleNami executive notes that embracing blockchain will see Zimbabwe take up a leadership position on the continent, creating a domino effect for other countries to embrace blockchain-based carbon credit platforms.
For Zimbabwe, relying on the tech will have immediate benefits for a system marred by fraud and inefficiencies. Back in 2023, Zimbabwe canceled a string of initiatives, demanding up to 50% of revenues and urging operators to re-register.
The effect of the policy changes was far-reaching, with several investors and project partners distrusting Zimbabwe’s carbon credit markets. Two years later, Zimbabwe is turning toward blockchain to maintain transparency of its carbon credit processes.
Zimbabwe expresses strong faith in blockchain
Zimbabwe has launched a gold-backed digital currency, offering fractionalization functionalities for investors keen on preserving their wealth.
Back in 2022, Zimbabwe launched a public consultation for its central bank digital currency (CBDC). The country is also inching forward with artificial intelligence (AI), with Zimbabwean billionaire Strive Masiyiwa entering into an arrangement with Nvidia (NASDAQ: NVDA) to build Africa’s first AI factory.
Norwegian study reveals rising consumer appetite for blockchain-based supply chains for seafood
In other news, a new report by the Norwegian Seafood Council (NSC) has revealed a spike in the demand for blockchain-based supply chains in the seafood industry.
The report follows broad research by the NSC involving seafood consumers, with the results resoundingly supporting blockchain in the industry. NSC said nearly 90% confirmed the desire to change the status quo, seeking greater transparency into seafood processes.
To achieve transparency, the report notes that blockchain-based service providers are positioned to change the landscape for information sharing in the seafood industry. Blockchain-powered supply chains will allow consumers to track the provenance of seafood from source to shelves.
Additionally, NSC notes that the perks of transparency and immutability will be key features in improving seafood supply chains. The NSC report did a deep dive into blockchain applications in the seafood industry, noting that they can shed greater insights beyond mere labels.
The report notes that consumers can glean tamper-proof records of seafood lifecycles, including their origin and production processes. Consumers can also glean details about the manufacturers’ compliance with environmental regulations and halal processes.
The report notes that producers can reap the benefits of blockchain-based systems to track and document oxygen levels, fish health data, egg quality, and fish feeding schedule. A broad application of blockchain will standardize the processes for recording and storing data in the seafood industry, allowing consumers to compare products.
Early blockchain-based use cases in the seafood supply chain have shown promise, prompting calls for their mainstream application. The FAIRR Seafood Traceability Engagement, backed by a $6.5 trillion coalition, has onboarded seafood suppliers across several global regions.
Furthermore, with its blockchain-based offering, IBM Food Trust and Provenance (NASDAQ: IBM) are recording impressive use cases by regulators and seafood suppliers in multiple jurisdictions. Integrating AI and Internet of Things (IoT) technology will advance blockchain’s capabilities in the seafood industry.
Transparency drives an industry-wide push toward blockchain
Across the globe, pioneers are turning toward blockchain to improve the scope of offerings in the food industry. One use case involves using blockchain to solve a $40 billion food fraud problem, affecting 10% of the global food supply.
In Nigeria, industry players are making a case for blockchain to combat the nation’s food crisis. New research confirmed that the food industry’s progress to digitization remains stifled by its use of outdated technology.
Watch: Digitalizing the Philippines supply chain
title=”YouTube video player” frameborder=”0″ allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share” referrerpolicy=”strict-origin-when-cross-origin” allowfullscreen=””>
