Nasdaq has announced a new blockchain-based platform aimed at streamlining the carbon credits sector, making it a more accessible, resilient and efficient market.
Nasdaq's new blockchain platform, called Nasdaq Marketplace, was presented by the market services division of the American stock exchange as an innovative platform that will facilitate the Issuance, trading, settlement and custody of carbon credits, in an efficient and transparent manner, using the blockchain and smart contracts.
This platform will bring more value to the growing carbon credit sector by streamlining the management and trading of credits and enhancing existing market capabilities.
According to Nasdaq, the carbon credit market is a promising market that allows companies to offset their carbon emissions and contribute to sustainability and environmental protection. However, the exchange noted that the absence of innovative technological processes, such as digitalization and automation, have become a barrier to the entry of capital, affecting their growth and expansion.
Therefore, to provide an effective solution, Nasdaq has created a new smart contract platform, using blockchain, which will provide new capabilities to the market to trade, issue, settle and custody carbon credits more efficiently.
Gerard Smith, vice president of digital assets and carbon at service platform Marketplace Technology, said the new platform will help market participants and operators adopt best practices while boosting the use of blockchain technology.
In recent years, blockchain and digital assets have sparked the curiosity of countless companies from different industries and sectors, which have been experimenting with these innovative technologies to create new solutions that allow them to meet the needs of their clients, users and investors. In the case of Nasdaq, the American stock exchange has been experimenting with blockchain since 2015, with the aim of developing solutions focused on improving and optimizing its traditional mechanisms and processes.
In 2017, Nasdaq announced that it was at the forefront of blockchain technology adoption in the securities market, with the launch of Nasdaq Linq. Now, its latest foray into blockchain puts it at the forefront of innovation in the carbon credits market.
Through Nasdaq Marketplace, the exchange hopes to improve transparency and trust in the carbon market, reducing risks and increasing flexibility.
In addition to blockchain technology, Nasdaq has also been testing other technological innovations, such as Artificial Intelligence.
Continue reading: Nasdaq brings artificial intelligence to capital markets
