The Bram Cohen-founded firm, which aims to reduce public blockchains’ energy dependency, is developing a model that will enable countries to share information on carbon credits and other climate-related issues.
Chia Netwok, the smart transaction, energy-efficient platform created by BitTorrent founder Bram Cohen, is developing a data-sharing prototype for the World Bank’s Climate Warehouse, the company said on Friday.
The World Bank selected Chia for the initiative, which will enable the Climate Warehouse “to facilitate the transparent sharing and reporting of climate project information and its issuances,” Chia said.
The Climate Warehouse, part of the World Bank’s Carbon Markets and Innovation unit, was launched to help countries meet pre-set targets for carbon emissions that are leading to climate change.
San Francisco-based Chia aims to reduce public blockchains’ energy dependency. The company raised $61 million in a Series D funding round at a valuation of $500 million earlier this year.
Chia described the project as a “non-exclusive, open source and no-cost solution that we are developing for the public good.”
A Chia spokesperson said the system will be operational by the first half of 2022.
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