How IOTA can support the climate and financial system change

  • IOTA and Dell will work to address the trust issues revolving around data transparency in climate control.
  • As part of Project Alvarium, they built integrated digital measurement, reporting, and verification (MRV).

The IOTA network is one of the leading blockchain platforms when it comes to green climate contribution. Its DAG-based distributed ledger ensures very low energy consumption with very high transaction throughput.

In the latest development, IOTA has partnered with Dell Technologies to track carbon footprints in real time. This partnership aims at combating climate change and building a data-driven ecosystem to track carbon footprints. Along with Dell, the two other partners in this initiative are ClimateCHECK, and BioE.

Dubbed Project Alvarium, it will seek to build trust issues in climate control based on data-driven decisions. With this partnership, Dell Technologies also plans to further its Data Confidence Fabric technology first conceptualized three years back in 2019. Speaking on the development, Steve Todd, Fellow at Dell Technologies said:

The importance of data transparency is integral to how organizations in every industry move forward. Data confidence is needed to manage data at scale, creating systems of trust in this data, so users at all levels understand the terms of use. Project Alvarium will create this transparency. The more companies that integrate it into their processes and systems, the closer we’ll come to a future without data ambiguity.

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IOTA’s involvement as the provider of distributed ledger technologies in different use cases has been significant. As data loads increase, the IOTA blockchain facilitates blockchain-based automated decision-making while establishing the trustworthiness of the recorded data regarding climate change.

More about project Alvarium

Project Alvarium seeks to create a measurable way of evaluating the reliability of data by using the power of blockchain. The system will log every step in the journey of each data point from an edge, or IoT device sensor, to a router, to an edge server, and to the cloud. As per the industry-specific requirements, each interaction will get a trust-rating score.

To ensure integrity and prevent any kind of data tampering, these cores will be logged onto IOTA’s native Tangle technology. Mathew Yarger, Head of Smart Mobility explained that the existing workplaces have turned inefficient in incentivizing carbon exchanges. As a result, several companies also misreport their emissions. Explaining further, Yarger said:

We’ve seen it in energy production facilities, where they’ll say, “Oh, we’ve reduced our emissions output by this much. But once you can actually go through an audit that process, you figure out those numbers are about 50% off.

This happens pretty commonly in the industry, and it’s been a hard problem to address. But by having a high level of data transparency, you can start to have a compliance-as-a-service mechanism to ensure that what’s being reported is actually factual,

Addressing data transparency issues with Project Alvarium

All four companies involved in Project Alvarium have built integrated digital measurement, reporting, and verification (MRV). This digital MRV will pick up data from sensors and other manual inputs.

IOTA believes that similar technology could be applicable to a wide range of use cases. Recently Japanese multinational Toshiba shared an idea of P2P energy trading over the IOTA blockchain.

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