Carbon Credits and Eligible Emission Unit Tokens Trading Set to Launch in 2020 by Singapore’s, AirCarbon Exchange

Carbon Credits is a new exchange that will support clientele like airlines to buy or sell excess carbon credits. In addition, the market participants will have the opportunity to trade on Eligible Emission Units in form of tokens. This will come in handy for some stakeholders in maintaining the limits set by the International Civil Aviation Organization.

The premier EEU tokens have been built by UK firm, First Derivatives and were launched during the recent Clean Energy Summit held in Asia. However, AirCarbon’s exchange will not be released until 2020 owing to pending issues in regulation as per Singapore’s digital asset laws.

Meanwhile, the firm has updated its website to paint a picture of what it intends to deliver;

“A Singapore regulated digital exchange focused on servicing transportation industry stakeholders’ carbon liability under ICAO’s CORSIA regime.”

AirCarbon intends to offer incentives such as free audit services for the EEU’s not limiting other areas like issuance, registration and consulting. The EEU and carbon credit tokens will trade on blockchain platforms to offset the imbalances that have been there in the past.

AirCarbon’s Potential

The Singapore based exchange enters the carbon credit trading space as a big player. Edwin Khew, the firm’s founder, noted that they will be the first to support carbon trades whose value is over $1billion.

He added that, AirCarbon is designed to meet the modern-day convenience levels in trading EEU tokens;

“We aim to make the AirCarbon token the easiest and most streamlined instrument for the trading of CORSIA EEUs globally.”

This project is a joint venture between AirCarbon and Singapore’s Sustainable Energy Association. Authorities in Singapore have supported the move with some noting that the current emphasis on Sustainability is a driving factor for the carbon credit market.

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Author: Lujan Odera

Russia’s S7 Airlines Ticketing Platform Processes Over $1 Million In Sales via Blockchain During July

Russia's S7 Airlines Ticketing Platform Processes Over $1 Million In Sales via Blockchain During July

The blockchain is here to bring us the future. S7 Airlines, a major aviation company that is a part of the Oneworld alliance, has recently revealed to the media that it was able to process $1 million USD in its new blockchain payment system during the month of July. This made July the best month of the platform so far.

S7 is the largest domestic airline company of Russia and it has been benefiting a lot from the new platform. S7 Airlines’ blockchain technology is powered by the Hyperledger Fabric platform, an open-source tech that is the basis of several blockchains at the moment.

Now, the goal is to deploy the first online agent of the company. This is set to be done sometime during 2019, according to Ekaterina Dmitruk, the group sales director.

The CEO of the company, Pavel Voronin, affirmed that the company was the first airline to execute the sale of a ticket using the blockchain last year and that the services got only better since then.

Since Its Start, The Platform Has Processed $4 Million In Payments

This new platform was officially launched back in January and each month is seeing more people using it. During these seven months, $4 million USD in transactions were processed using the system.

Part of the reason for the growth now is because of a partnership that was started with Alfa-Bank, a private bank from Russia. According to the executive director of the tech lab of S7 Airlines, Nikolai Mukhanov, not only the number of payments has been increased, but also how much of the process is automated today.

One of the main advantages of using the blockchain in this kind of operation is how much more efficient it gets. It considerably speeds up the process of handling the transactions, especially as no paperwork is required at all. This is very important for the B2B market as well, which is one of the most benefited by the decision.

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Author: Gabriel Machado