Research on Carbon Account Construction Based on Blockchain Technology

Climate change is one of the greatest crises to the Earth in the 21st century, and man-made greenhouse gas emissions are the main cause of climate change. On Earth Day, April 22, 2016, 171 countries signed the Paris Climate Agreement at United Nations Headquarters, committing to carbon reduction targets. The Kyoto Protocol stipulates that due to different countries’ different emission reduction responsibilities, there are differences in the allocation and actual use of carbon allowances, which makes carbon emission trading emerge among countries. However, due to the carbon emission quota (CEA) trading can be adopted by agreement transfer, one-way bidding or other ways in accordance with the regulations, the current carbon emission trading and low-carbon economy system still has problems such as opacity, manipulation, lack of unified data calculation standards, double counting, data security and privacy. Possessing the largest carbon resources in the world, China undoubtedly is the main subject in the international carbon market. However, China finds itself in an awkward and passive position when entering this market due to the lack of a multi-level carbon-trading market with price discovery and resource allocation functions. In the context of a global commitment to low-carbon activities, Companies are committed to building a smart carbon account management system based on blockchain technology to achieve the goal of carbon neutrality. The consensus mechanism, smart contract and encryption algorithm technology of blockchain technology provide strong technical support for carbon account credit conversion, information application and data security.