Zimbabwe has launched a blockchain-based carbon credit market initiative to introduce transparency into ecosystems.
African countries are keen to overhaul existing systems in favor of a Web3-based initiative for transparent and efficient carbon credit exchange, according to the report. The government has cast a new regulatory body called the Carbon Market Management Agency (ZCMA) to oversee the new system.
The new entity will hold the reins of everything related to the carbon credit market. ZCMA will issue approval and licenses for new carbon offset projects, taking on the role of supervising to ensure compliance with existing rules.
The Ministry of the Environment will oversee the ZCMA to ensure strict compliance with the new structure. Despite newly created regulators and pivots towards blockchain, Zimbabwe has not made any drastic changes to the carbon credit market.
However, California-based Ripplenami points out that pivots to blockchain remain a major leap for Zimbabwe. The country is Africa’s third largest carbon credit contributor, offering almost 13% after Kenya and Gabon.
Ripplenami executives say that accepting blockchain will result in Zimbabwe gaining leadership positions on the continent, creating a domino effect for other countries to adopt blockchain-based carbon credit platforms.
For Zimbabwe, relying on technology would immediately benefit systems that have been compromised by fraud and inefficiency. In 2023, Zimbabwe cancelled a series of initiatives, demanding up to 50% of its revenues, prompting operators to re-register.
The impact of policy changes has been widespread, with several investors and project partners distrust Zimbabwe’s carbon credit market. Two years later, Zimbabwe is heading towards the blockchain to maintain transparency in its carbon credit process.
Zimbabwe expresses a strong belief in blockchain
Zimbabwe has provided fractionalization capabilities to investors keen to maintain their wealth and launched a gold-backed digital currency.
In 2022, Zimbabwe began public consultations on the Central Bank Digital Currency (CBDC). The country is also moving forward with artificial intelligence (AI), with Zimbabwean billionaires falling into an arrangement with Nvidia (NASDAQ: NVDA) to build Africa’s first AI factory.
Norwegian research reveals an increase in consumer desire for a seafood blockchain-based supply chain
In other news, a new report by Norwegian Seafood Council (NSC) revealed that demand for the seafood industry’s blockchain-based supply chain has skyrocketed.
The report follows a wide range of research by NSCs involving seafood consumers, and the results overwhelmingly support the industry’s blockchain. The NSC said it is seeking to see nearly 90% of people a desire to change the status quo and increase transparency into the seafood process.
To achieve transparency, the report says blockchain-based service providers are beginning to change the landscape of information sharing in the seafood industry. A blockchain-powered supply chain allows consumers to track seafood sources from sources to shelves.
Furthermore, the NSC points out that transparency and immutability perks will be important features in improving the seafood supply chain. The NSC report delved deeper into the seafood industry’s blockchain applications, noting that it can bring greater insights beyond just labels.
The report notes that consumers can collect tamper-prevention records of the seafood lifecycle, including origins and production processes. Consumers can also gather details about manufacturer compliance with environmental regulations and halal processes.
The report says producers can enjoy the benefits of a blockchain-based system and track and record oxygen levels, fish health data, egg quality and fish feeding schedules. The wide range of blockchain applications standardize the process of recording and storing data in the seafood industry, allowing consumers to compare products.
Early blockchain-based use cases in the seafood supply chain show promise and encourage mainstream applications to call. Fairr Seafood Traceability Engagement, backed by the $6.5 trillion coalition, features seafood suppliers in several global regions.
Additionally, with its blockchain-based offering, IBM Food Trust and Provenance (NASDAQ: IBM) has documented impressive use cases by regulators and seafood suppliers across multiple jurisdictions. Integrating AI and Internet of Things (IoT) technology will increase the capabilities of blockchain in the seafood industry.
Transparency drives the industry-wide driving force towards blockchain
Around the world, pioneers are improving the food industry’s offerings towards blockchain. In one use case, it uses blockchain to solve the $40 billion food fraud issue, affecting 10% of the global food supply.
In Nigeria, industry players argue for blockchain to combat the country’s food crisis. New research confirms that advances in the food industry towards digitalization remained stifled by the use of outdated technologies.
Watch: Digitalizing the supply chain in the Philippines
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