ESG1 Announces New Carbon Token Interoperability Between R3 Corda and Cardano Blockchains
ESG1, the sustainability division of award winning energy blockchain company GuildOne, announced the successful completion of the first full integration between R3’s Corda and the Cardano blockchain platform at the 2023 Cardano Summit during CEO James Graham’s Blockchain Sustainability: ESG Reporting and Supply Chains session.
ESG1’s advancement enables the seamless creation of transparent, public tokenized assets using data managed using long-time partner R3’s leading open, permissioned distributed tokenization platform, Corda. ESG1 will be utilizing this new interoperability in its portfolio of industrial and nature-based carbon credit projects and trading relationships.
Globally, the accelerating growth of blockchain solutions for carbon market infrastructure requires a new focus on interoperability across platforms, protocols, and digital asset standards. Predicted by Morgan Stanley to reach US $765 billion in voluntary carbon market value, tokenization can solve critical scaling and trust challenges by automating data management and verification while providing auditable, immutable credit provenance.
ESG1’s solutions were developed to support the maturation and digitalization of both compliance and voluntary carbon markets. “Our v10n (verification) and t10n (tokenization) components work in tandem; first verifying a claim by a project owner about carbon credit data using R3’s enterprise DLT platform, and then migrating Corda tokens out to Cardano’s decentralized public blockchain” said ESG1 CTO Barry Kreiser.
Interoperability between public and private blockchain technologies creates new opportunities for enterprises and government to access public token markets while maintaining privacy for business, financial, and identity information.
“We are excited to continue our deep history with R3 by leveraging the firm’s focus on interoperability in its release of the next generation of Corda,” Kreiser continued “We are also extremely happy to further our support for Cardano and look forward to the upcoming Midnight permissioned sidechain release “
“Both permissioned and public blockchains are important digital infrastructure for the automated green economy,” said Alexis Pappas, GuildOne’s Chief of Innovation. “Corda allows us to securely integrate with IoT networks and compliantly manage sensitive data, while Cardano provides transparent token metadata that helps prove the integrity of climate progress and increases access to sustainable finance.”
ESG1 is deploying its smart contract powered solutions with partners including energy companies, clean technology developers, ecosystem regeneration non-profits, and carbon trading platforms, focusing on Canada and MENA as key markets.
CEO of ESG1 and GuildOne, James Graham, said that “Announcing the new interoperability at the Cardano Summit is a key step towards the realization of our ambitious mission – to ensure that digital carbon fulfills its promise. High quality, verified, data-rich and standardized tokens that exceed the requirements of key frameworks, protocols, and methodologies on the path to multiple – voluntary and compliance – carbon markets. Our Corda and Cardano hybridization is excellent proof that digital assets can move freely between platforms while maintaining trust and value.”
Richard Brown, CTO at R3, commented“The tokenization bridge between Corda and Cardano represents a major milestone in achieving greater DLT interoperability and we’re delighted to be working with ESG1 in driving innovation across carbon market infrastructure. We believe that the future digital economy will be built upon an interconnected ecosystem of multiple DLT platforms and enabling market participants to seamlessly move assets between them is fundamental towards reaching this long-term vision. R3 is committed to paving the way towards an open, trusted and enduring digital economy, and this use-case is yet another example of Corda’s ability to facilitate interoperability between different networks.”