Can Blockchain Solutions Preserve The Ocean From Pollution?

It is a well-known fact that natural resources are becoming a scarcity. Carbon emissions and pollution have a huge and irreversible impact on the climate. Many companies start completely new business initiatives to save more of the natural resources and sustain their efficient energy. One of the most innovative ways for preserving the environment and reducing industrial waste is the solution that Carbon Offset Initiative (COI) offers. The company is aiming at raising funds through an Initial Coin Offering (ICO), which will help them build a working prototype.

Carbon Offset Initiative provides blockchain-based waste and data traceability solution to various industries. The long-term goal of the company is their scope of operations to encompass a large number of sectors in a bid to deliver better waste collection, tracking, and recycling solutions. Fundraising is conducted through an ICO platform, on which investors can purchase their ERC-20 COI token.

Their product can be divided into hardware and software solutions. The hardware solutions are specially crafted devices that include three types of sensors - vibrational, camera, and laser. They are installed on ships and measure the quality and quantity of the liquids in the bunker and slops tanks, the temperature, and humidity, as well as various external parameters affecting consumption and emissions. Collected data is then transferred by satellite to the designated control centers.

Recycling plants, port collectors and transporters can be supplied with similar devices for monitoring purposes and control of waste oil produced by vessels called slops (slops are hydrocarbon-rich wastes which all merchant ships and tankers generate; an estimate of 10 million tons are produced each year).

The collected data is then extracted with the use of COI`s software solution, which allows data extraction and management, and enables generation of reports and analysis. Smart tracking of actual ship fuel levels and monitoring of bunker fuel spillages can be done too. The way the system works is very similar to how blockchain smart contracts work.

Source: Carbon Initiative Offset website (2019)

The combination of software and hardware solutions is the entire package of what COI project is offering. Reductions and waste management are completed on different levels, starting from fuel optimization and indications for the exact amount of oil per ship. Collected data provides trustworthy information about vessels and enables proper risk management to be conducted. The monitoring of the ships is done in real-time, which eases their control. The collected data compares to other factors, such as weather conditions, in order to provide a certain conclusion about possible fuel consumption.

Carbon Offset Initiative is a result of a collaboration between two organizations. In 2010 the Clean Sea Services SA (CSS) was established. CSS is a leading provider of plug-in devices that clean or recycle unwanted waste. In 2014, the Belgrade-based Urban Management DOO was founded and created its secured blockchain services for various industries and businesses. In 2017, the two companies joined forces to introduce to the market innovative green solutions, which evolved into the official establishment of COI in 2018.

The Carbon Offset ICO is open to investors across the globe, with a few exceptions (citizens, nationals, residents, and/or green card holders of South Korea; the People’s Republic of China; State of Israel; and the United States). The total number of coins offered through the ICO is 500 million. Currently, the project is in its pre-sale stage, which is divided into three pre-sale phases. Phase 1 (pre-ICO) allows investors to take advantage of 50% reduction in price. COI token costs only $0.07, instead of the standard $0.14. During the next stage, the price of the token will go up, and 1 COI will be exchanged for $0.098, or a 30% discount from the regular price. Investors who join the project in the last phase can take advantage of a 15% discount and purchase the token at $0.0119.

The COI cryptocurrency serves as a verification tool of collected data, volumes of waste, recycled water and recovered oil measurements. It can be used as a payment method between different entities on the blockchain network. COI token is a fast and safe service enabling error-free payments and high level of security against frauds.

COI is the most convenient way to support a green initiative that concerns every human being on the planet. Preserving the world`s ecosystem is a pivotal point for the wellbeing of each one of us. To support the initiative and make your contribution to the project, you can visit the Carbon Offset Initiative website.