New Delhi. AlgoBharat, the India arm of Algorand Foundation, announced the launch of its campaign with the State of Telangana to drive the deployment of blockchain-based solutions that support sustainable practices, including product traceability and transparency, and financing for carbon offsetting projects.
The AlgoBharat team is looking to develop new partnerships for sustainable Web3 solutions across India with a goal of providing rural communities access to carbon markets and empowering their residents to become climate entrepreneurs.
AlgoBharat’s push for Web3 solutions in India that promote eco-friendly practices aligns with the Foundation’s overarching mission to drive innovation in blockchain technology while promoting real world utility. The AlgoBharat initiative seeks to empower farmers and other rural populations to generate and participate in the growing market of sustainable credits.
Carbon and other sustainable credits have historically required significant documentation and complexity to track with traditional methods, making the process unaffordable for many. To tackle this, AlgoBharat is coordinating with ecosystem companies building on Algorand to provide a blockchain-enabled solution that makes it easier to generate verifiable sustainable credits.
Through its partnership with the State of Telangana, farmers will be able to adopt environmentally friendly practices such as organic farming, agroforestry, crop rotation and solar power harvesting – practices that support carbon sequestration, greenhouse gas emission reductions and climate change mitigation.
Blockchain technology ensures transparency, traceability, and accountability in the generation of sustainable credits. Farmers, for example, will have the ability to record and verify their sustainable farming practices on the blockchain by creating a trustworthy and immutable record of their efforts. Moreover, they will be empowered to generate verifiable credits that can be traded on carbon markets, creating new revenue streams for the farmers and other populations whose livelihoods are critical to Bharat’s robust economy.
AlgoBharat is looking forward to collaborations with policymakers and other stakeholders across India to promote the adoption of sustainable practices that will help create an even more climate resilient Bharat.
Telangana State Principal Secretary Jayesh Ranjan noted, “Sustainability is essential for us in Telangana, and we are eager to support the adoption of sustainable practices — including by our farmers who are such an integral part of our community and are on the front lines of dealing with climate change. We are excited to foster innovative solutions that empower our citizens to earn and create liquidity through carbon credits. By deploying blockchain based traceability we will enable funding, provide infrastructure to monitor and record sustainable processes, generate credits according to recognized registries, and finally access markets for liquidation and fund realisation.
Our solution with Algorand will automate and democratise the process so that even our farmers have access to the same opportunities as large corporations.”
We are excited to foster innovative solutions that empower our citizens to earn and create liquidity through carbon credits. By deploying blockchain based traceability we will enable funding, provide infrastructure to monitor and record sustainable processes, generate credits according to recognized registries, and finally access markets for liquidation and fund realisation.
Our solution with Algorand will automate and democratise the process so that even our farmers have access to the same opportunities as large corporations.”
Algorand Vice President and India Country Head, Anil Kakani, celebrated the announcement aimed at empowering India’s rural populations on the occasion of Earth Day. “We have a strong commitment at Algorand to drive the use of blockchain for real world solutions that deliver greater inclusivity.
Imagine a world where a farmer in a rural village in India can earn carbon credits for her sustainable practices the same way a commercial landlord can for using energy efficient light bulbs in a New York City building. That’s where we are headed, driven by the innovative Web3 solutions being built on Algorand.”
About AlgoBharat
The Algorand Foundation has set up a dedicated team in India called AlgoBharat. AlgoBharat will focus on blockchain’s real world utility in India and to make the nation a hub for blockchain innovation.
AlgoBharat’s mission is to use blockchain to help democratise access to markets and capital for India’s 1.4B+ population, through three key focus areas – broadening the Web3 developer base, supporting and investing in the Web3 startup ecosystem, and building strategic partnerships with established organisations. For more information, please visit https://algobharat.in
About Algorand Foundation
The Algorand Foundation is dedicated to helping fulfil the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralised governance, and healthy and prosperous open-source ecosystem.
Designed by MIT professor and Turing Award winning cryptographer Silvio Micali, Algorand is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis.
Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralised protocol, and without a second of downtime since it went live in 2019. For more information, please visit https://algorand.foundation
