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Xange.com will develop a carbon neutral lending solution for the Ripple XRP Ledger.
Xange.com, a stock exchange working in partnership with the United Nations, announced that it will develop a Ripple XRP Ledger carbon neutral lending solution. Xange.com works hand in hand with the United Nations Development System (UNDS), with a focus on solutions to African market infrastructure for carbon markets and in contributing to the achievement of the Sustainable Development Goals. In this context, Xange.com is preparing to launch the implementation of its voluntary carbon credit infrastructure to channel carbon offset offset under the Great Green Wall of Africa initiative.
Xange.com will develop a Ripple XRP Ledger solution to issue tokenized carbon credits in accordance with standards set by leading industry working groups such as the InterWork Alliance (IWA), the Global Blockchain Business Council (GBBC) initiative and the Voluntary Carbon Markets Scaling Task Force (TSVCM) of which Xange.com is a member. The IWA Sustainable Business Working Group established the Voluntary Environmental Markets (VEM) Task Force to define standards for tokenization of key elements of carbon credits, including contract renewals, workflows and analytics to create a standards-based green marketplace. These standards, based on the IWA token taxonomy structure (for token standards) and the InterWork Framework (for smart contract standards), will serve as the basis for Xange.com’s XRP Ledger carbon credit solution.
Xange.com decided to use the Ripple XRP Ledger considering its performance, scalability and environmental friendliness. The XRP Ledger was built with sustainability in mind and is one of the first large carbon neutral blockchains. Thanks to the federated consensus algorithm, XRPL is significantly more energy efficient than proof-of-work blockchains and enables low-cost transactions. Xange.com’s key focus points include the role of climate change and climate security, prevention and mitigation of illegal financial transactions, and blockchain-based carbon emissions initiatives to ensure transparency in carbon accounting while avoiding double counting of emission reductions or removals.
Finastra previously talked about using RippleNet with Fusion Total Messaging.
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