The future is green – How the Environmental Credit Scoring System will be the critical driver of sustainability efforts
Our world is in desperate need of action, according to the newest assessment report from the Intergovernmental Panel on Climate Change (IPCC). Unfortunately, stepping up the world’s efforts by 2050 would be too late to make any significant progress. To prevent catastrophic climate change impacts, we need to work toward net-zero emissions by 2030.
As a result, we must immediately accelerate and execute climate action innovation at all scales and in an integrated, comprehensive manner. The good news is that we can turn to cutting-edge technical solutions to solve these urgent issues. The ECSS is an innovative eco-friendly blockchain solution with tremendous potential to play a crucial role in our future on Earth. With a level of complexity that is uncommon in the business today, this system addresses pressing sustainable issues. There is a distinction between Bitcoin and its consensus mechanism and other energy-efficient blockchains that use different consensus mechanisms in terms of energy consumption.
What is Environmental Credit Score
Dr. Maher Abdelsamie is an Egyptian scientist living in the US. He has come up with a blockchain-backed system to make individuals and product and service providers accountable for their emissions. Abdelsamie introduced the ECSS in his first patent application in July 2017. A few months later, he started both the Environmental Credit Score Foundation and YMEGY Research and Development LLC. In 2019, the USPTO awarded him patent No. 10,325,270. This patent paved the way for future patent applications that were already filed. According to an article published by Abdelsamie, the eco-friendly, blockchain-backed Environmental Credit Scoring System (ECSS) aims to connect online and offline product and service providers, people, Environmental Product Declaration (EPD) program operators, Life-Cycle Assessment (LCA) specialists, companies, and governmental bodies to fight against climate change.
How will the ECSS address the ongoing problems that the world is facing?
First of all, ECSS will provide individuals with a secure global identity. Users will be authenticated via a multifactor authentication method comprising their biometrics, Physical Unclonable Function (PUF) of their associated devices, and their geographical location. Moreover, the ECSS will be for everyone; this multifactor authentication will enable billions of people worldwide without smartphones, proof of identity, and a bank account to register with the system via the partner’s point of service systems. The ECSS will enable these billions of people to participate in global efforts towards tackling climate change, improve their environmental credit scores, and earn cryptocurrency. At the same time, the ECSS will hold them accountable for their environmental impact.
How does the ECSS function?
The ECSS enables LCA experts to earn cryptocurrency in exchange for creating and verifying the Environmental Product Declarations (EPDs) of product and service providers. Furthermore, the ECSS allows EPD program operators to earn cryptocurrency while also tracking and monitoring EPD verification or creation operations carried out by the LCA experts. The ECSS also compares the EPDs of the products and services and assigns environmental impact scores based on their environmental impact. Individuals may use the ECSS to monetize the information, receive cryptocurrency in exchange for carrying out environmental activities, and control their data.
The ECSS provides an AI-driven decentralized advertising solution for both physical and online marketplaces. By integrating artificial intelligence and blockchain technology, the ECSS enables advertisers to monitor and track advertisements, while also validating the efficacy of their advertisements.
What does this environmental credit score mean?
The more environmental activities you carry out, such as purchasing eco-friendly products and services, the better your environmental credit score. For individuals, the score can be used by organizations in decision-making. For example, universities can check students’ scores before admitting them. Companies can use the scores to hire employees. For businesses, the score can be used to obtain different benefits from the government, such as tax reductions.
In essence, what are the main challenges that the ECSS will solve?
Well, it is paramount to understand how the ECSS can achieve the important goals expressed by significant leaders or institutions regarding tackling climate change.
1. President Joe Biden said: “We have to rapidly accelerate our commitments to aggressively curb our emissions and to hold one another accountable for meeting our goals and increasing our ambitions”.
The use of multifactor authentication method, the collection of data using devices installed at the locations of product and service providers, and the way the ECSS verifies the environmental activities help to prevent both individuals and product and service providers from spreading false or misleading claims about the environmental impact of their environmental activities”.
The ECSS will accelerate the commitment to curb emissions, and it will hold multiple stakeholders accountable. This will lead to significant strides in tackling climate change.
2. The Special Presidential Envoy for Climate said: “The climate crisis demands nothing less than all hands on deck”.
Incorporating blockchain technology, the ECSS links online and offline product and service suppliers; people; life-cycle assessment specialists; EPD programme operators; non-profits; governmental agencies; marketers; and other stakeholders. Hence, the ECSS is a strong tool for bringing people together.
3. An article by Bill Gates titled “Bill Gates: How ‘Green Premiums’ can help us solve climate change” Bill Gates mentioned that “The Green Premium is simply the difference in cost between doing something in a way that produces greenhouse gases and doing the same thing without the emissions”. In addition, he mentioned that “The increased demand will draw in more innovators and help close the cost gap between fossil fuels and clean alternatives.”
As people will be keen on getting their environmental credit score improved or earning cryptocurrency, competition among consumers, as well as between product and service providers, will be fuelled by the implementation of the ECSS. This competition will increase worldwide demand for environmentally friendly goods and services. Consequently, entrepreneurs will be more motivated to join the market, increasing the likelihood of success. This would in turn stimulate and support eco-technological innovation and green transformation, as well as assist in closing the cost gap between fossil fuels and clean energy alternatives.
Through the eco-friendly, blockchain-backed ECSS, Dr. Abdelsamie wants to mobilise the collective efforts of people, online and offline product and service providers, EPD program operators, LCA specialists, and governmental bodies across the world to fight climate change and to ensure humanity’s long-term viability on our planet.
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Text source: MCC.EXCHANGE
