The Hemp Blockchain Hosts Carbon Protocol Initiative Summit
The Hemp Blockchain, Inc.held its first Summit in Aspen, Colorado, to collaborate with partners and industry experts on “The Carbon Protocol Initiative.” The meeting was organized by The Hemp Blockchain with participants in the environmental, industrial hemp and information technology industries. The company is building advanced cloud-based solutions to accelerate the growth of the industrial hemp industry and increase the amount and quality of carbon offset credits available to companies seeking to balance their CO2 emissions.
The Carbon Protocol Initiative is a collaborative effort to identify and create new standards and protocols for the accounting and transparency of net carbon offset credits for the Industrial Hemp industry. Industrial hemp is a rapidly growing industry driven by a separate crop from its biological relatives that produce THC-based cannabis products as it contains less than 0.3% THC by dry weight. Industrial hemp can be processed into over 50,000 uses, including fuels, plastics, graphene, solvents, building materials, foods, and medicines, and is also a powerful tool in the global effort to combat climate change because an acre of hemp can potentially sequester as much or more carbon as an acre of rainforest.
As a result, it is a promising source of carbon offset credits that can be used by corporations to balance their carbon emissions CO2 in order to meet their CSR and ESG commitments. The Carbon Protocol will advance the industrial hemp industry’s efforts to capture all the most critical data points throughout the growing and processing lifecycle, resulting in a highly accurate and trusted carbon offset credit, with both sequestration and emissions recorded on The Hemp Blockchain.
“The Summit enabled us to make important strides toward answering a monumental question pertaining to the future of our planet – how can we support true and transparent carbon offset credits that minimize the risk for fraud through the use of blockchain technology,” said Dan Higbee, president and CEO of The Hemp Blockchain. “Now freed from restrictive federal regulation, industrial hemp is poised to become a major factor in renewable energy, regenerative agriculture, human health and many other areas, and the revenue from carbon offset credits provides a strong added incentive to grow industrial hemp. The Hemp Blockchain is building a critical piece of the digital infrastructure that will enable efficient and trusted transactions across the entire industry.”