WASHINGTON--(BUSINESS WIRE)--Trst01 and Rubix announced today a partnership to jointly leverage their unique Web3 green blockchain technology platforms and solutions expertise to help governments, organizations and citizens accelerate their climate actions to significantly reduce the cost of transitioning to a sustained, successful green economy.
Amidst the ongoing COVID-19 pandemic businesses and communities around the globe have made unprecedented commitments to ESG and Net Zero — including the promise to rethink and where necessary leapfrog current business models, strategies, and digital transformation efforts.
“While these commitments are encouraging, there are many barriers to implementation, chief among them a unified approach to digitizing climate actions,” said KC Reddy, Rubix chief architect and founder.
Since the onset of remote working, living and learning in early 2020, accelerated digital strategy has become the only option for some businesses and individuals to survive. After launching futureproofed products, services, and business models, these efforts have proved more than a single-use rapid fire response to a once-in-a-century public health crisis. They now play a pivotal role in how people around the world navigate the compounding public health crisis inherent in climate change.
“Enterprises and their stakeholders need to have a comprehensive and holistic system to capture, track, inform, and validate information,” said Reddy. “This will drive transparent business decision making which in turn will improve organizational agility and accelerate climate actions. These next generation efforts to digitize climate actions must be based on Web3 technologies.”
“COVID became a wakeup call to think about all the potential risks to their business and they quickly realized that they need to do all they can to fight climate change,” said Prabir Misra, CEO of Trst01. “Businesses and individuals know that they need to tackle climate change with the same collective vision that helped them fight the COVID pandemic. It is inspiring to see unprecedented climate, ESG and Net Zero commitments from businesses and individuals from all over the world, especially those who recognize the growing advantage of problem solving with Web3 technologies.”
An innovative first of its kind partnership, defined by its decentralization and peer-to-peer Web3 technology architecture, Trst01 and Rubix will be able to empower users to become integral contributors to the fight against climate change. The joint leveraging of these Web3 technologies does more than mirror the real business world. It recreates an entirely new landscape for capturing information at its source, tracking the owner’s identity, and preventing tampering and fraud through redundant storage.
Even so, envisioning and executing a zero carbon future requires an understanding that the timeline for addressing climate change continues to be a moving target. A Global Government Forum piece from May 2022 rightly notes that the Climate Policy Initiative (CPI) “warns that despite steady growth in climate finance, it is nowhere near enough to mitigate climate change. CPI has estimated that the world needs to invest at least US$4.5 trillion to US$5 trillion annually by 2030, a staggering rise of 590% [on current spending levels], to tackle the most damaging aspects of climate change.”
Additionally the piece cites, “Currently governments, largely through development finance institutions, are the biggest funders of climate finance. According to the CPI report Global Landscape of Climate Finance, the public sector contributed 51% of the world’s climate funding between 2019 and 2020, at US$321bn. This will have to change if climate funding is to reach the levels predictions indicate is needed to bring about real change. ‘Even if we spent every single dollar of public money, we are not going to get there,’ [Baysa] Naran [a senior analyst who leads the CPI’s climate finance tracking] says. ‘The obvious answer is driving more private sector resources.’”
Trst01 and Rubix’s green blockchain technology and solutions can help identify these resources and contribute significantly to changing the dynamic in who shoulders the responsibility of financing the necessary changes for a zero carbon future.
About Rubix Blockchain Pte Ltd: Rubix is a Layer 1 blockchain protocol for peer-to-peer data transfer & transactions. With operations in Singapore, India, the United Kingdom, United Arab Emirates and the United States, Rubix is a Web scale protocol with Zero transaction fees, minimal infrastructure costs, high security & privacy. With less than 1 kWh per transaction, Rubix has one of the lowest energy consumptions among all computing networks. Rubix software can be freely downloaded on any PC or virtual machine. The Rubix community has more than 12,500 validators. https://rubix.net/
TRST01 (Trust O One) is a Blockchain-technology company that uses emerging technologies to address Industry Pain points on Trust, Transparency and Traceability. Headquartered in India, TRST01’s unique technology platform addresses the emerging Digital Transformation challenges.