Today Northern Trust unveiled a new DLT solution that connects institutions directly with carbon credit projects. The private blockchain provides the workflow for sustainability project managers to track, manage and transact with tokenized carbon credits. The first live transaction is planned for later this year.
So far it has completed the minimum viable product (MVP), enabling fully automated transactions with three project developers, Go Balance, ReGen III and an air capture company. It uses smart legal contracts via the Avvoka tool.
“This new development from Northern Trust’s Digital Assets and Financial Markets team represents a significant milestone toward delivering a market-leading platform able to support a diverse range of digital assets,” said Pete Cherecwich, president of Asset Servicing at Northern Trust. “Allowing institutional clients to access carbon credits and doing our part to help these firms along their carbon offsetting journey is important for the future.”
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