The major state of India, Telangana is looking forward to making the introduction of blockchain-based solutions. These blockchain-based solutions would be helpful for creating activities that are directly related to farming and more eco-friendly solutions. The objective behind the solution is to help farmers in participating in organic farming, agroforestry, crop rotation, and solar power harvesting. These activities support the reduction of greenhouse gas emissions and carbon sequestration. Both of tehse emissions are the process of capturing and storing atmospheric carbon dioxide which are helpful for the prevention of excessive emissions. AlgoBharat, an India-centric initiative of the green Algorand blockchain, has joined Telangana in its eco-friendly Web3 initiative.
Telangana is currently housing lakhs of farmers who have the desire to make them carbon entrepreneurs with better access to the carbon credits markets.
Jayesh Ranjan, Principal Secretary, of Telangana state said that by the deployment of blockchain-based traceability, the state would be enabling the funding and will be facilitating infrastructure to monitor and record sustainable processes. The blockchain-based traceability is helpful in generating the credits according to recognized registries. The solution with Algorand will automate and democratize the process so that the farmers have access to the same opportunities as large corporations.
Carbon credits is permitting its owners to emit a certain amount of carbon dioxide or other greenhouse gases without any legal consequence. A company can earn carbon credits by the reduction of its carbon footprint. These credits can then be sold to other companies for the financial benefits to the company.
Carbon and other sustainable credits asks for the significant documentation and complexity to track the traditional methods. This entire procedure is unaffordable for various people.
Algo Bharat is making this process cost-effective for farmers in a bid. This bid will be partnering with ecosystem companies building on Algorand for the generation of verifiably sustainable credits.
As per AlgoBharat, blockchain technology is helpful in providing the assurance to the transparency, traceability, and accountability in the generation of sustainable credits. With this, the farmers will be able to record and verify their sustainable farming practices on the blockchain. The farmers will be empowered to generate verifiable credits that can be traded on carbon markets, create new revenue streams for the farmers and other populations whose livelihoods are based on the economy of Bharat.
Algorand is a green, proof-of-stake (PoS) blockchain. The developers of the blockchain guarantee to enable the convergence between decentralised finance (DeFi) and traditional finance.
The government of Maharashtra had partnered with the Algorand blockchain and health tech firm MAPay for the storage of health data as NFTs.
