Global Bank JPMorgan’s blockchain arm Kinexys is working on S&P Global Commodity Insights to explore tokenization for managing and release carbon credits, companies Says On Wednesday.
The project, according to a press release, focuses on the test of how tokenized carbon credits can be created and monitored using blockchain infrastructure. These credits, which represent greenhouse gas cuts from projects such as Reforestation or Renewable Energy, are often purchased by companies aimed at offsetting their releases.
Companies will focus on how the blockchain administers credit lifecycle management, data compatibility and accessing registry.
“Our shared goal is to establish a standard infrastructure that improves price information and transparency, which puts a way for modern financial and increased liquidity in the market,” said Keerthi Moudgal, a product leader in Kinexys Digital Assets.
The initiative emphasizes JPMorgan’s growing presence in the red-hot tokenization space, a sector that attracts global banks and asset managers such as Blackrock, HSBC and Citi. Tokenization is the process of using blockchain metals to transact with traditional financial instruments, which promise better operation, peripheral settlements and increased transparency.
JPMorgan is an early leader who runs its own private blockchain network Kinexys, formerly known as the Onyx and JPM coin, now arranging $ 2 billion in sunny transactions, according to the bank. This is it too Naka -Piloto Last month a deposit token called JPMD at the base, an Ethereum Layer-2 network developed by Coinbase.
Read more: The real-world asset tokenization market has grown almost five times in 3 years
