Hemp Blockchain is a Utah-based technology company that builds advanced cloud-based solutions to support the growth of the industrial hemp industry. It uses blockchain technology to measure and report on the carbon emissions and CO2 removal for hemp farms.
The company’s purpose is also to increase the amount and quality of carbon offset credits that are available to companies seeking to reduce their CO2 emissions. The solution that Hemp Blockchain has developed may become an industry standard for how net carbon footprint is measured.
The product that the company calls “Carbon Protocol” automatically collects data from carbon tracking sensors or critical points throughout the hemp cultivation process. It registers the carbon sequestration and emissions into a blockchain record.
The system will then grant cultivators carbon credits that will be translated into tokens. Those carbon credits could be used by companies to offset their carbon footprint to meet industry requirements.
According to Hemp Blockchain, Carbon Protocol is ahead of existing protocols and methodologies in terms of accuracy and trust. It is seen as a breakthrough in carbon emissions accounting and monitoring and goes beyond current technologies in addressing climate change.
“The Hemp Blockchain is building a critical piece of the digital infrastructure that will enable efficient and trusted transactions across the entire industry,” said the CEO of Hemp Blockchain Dan Higbee.
Hemp For Carbon Removal
Hemp farms have been chosen as an effective CO2 removal method. Hemp is a natural carbon sink. Industrial hemp farms are known to store between 8 to 15 tons of CO2 per hectare of cultivation. That is compared to forests that typically capture 2 to 6 tons of CO2 per hectare per year, depending on climate, region and growth stage.
Hemp also has a key role as a source of sustainable building material as it can provide more usable fiber per hectare than forests. Hemp could also be used for the production of sustainable bioplastics and engineered woods that can replace carbon-heavy fiberglass and aluminum.
Carbon sequestration technology is gaining popularity among innovative companies willing to participate in the development of the net zero economy. That is why carbon sequestration methods like growing hemp farms are being supported by blockchain technology that is also likely to impact every sector in the world in some way or another.