Enhancing carbon markets with fintech innovations: The role of artificial intelligence and blockchain
1 Ecobank Nigeria Limited, Nigeria.
2 Binghamton University, Department of Systems Science and Industrial Engineering, New York, USA.
3 Texas Tech University, College of Art and Science, Department of Mathematics and Statistics, Texas, USA.
4 Emporia University, Information Technology, Kansas, USA.
5 Bournemouth University, Department of Accounting, Finance and Economics, Bournemouth, UK.
6 Western Illinois University, College of Business and Technology, Department of Computer Science, IL, USA.
7 Southeast Missouri State University, Department of Computer Science, MO, USA.
Research Article
World Journal of Advanced Research and Reviews, 2024, 23(02), 579–586
Publication history:
Received on 16 June 2024; revised on 05 August 2024; accepted on 07 August 2024
Abstract:
The integration of financial technology (fintech) innovations, particularly artificial intelligence (AI) and blockchain, is poised to revolutionize carbon markets by enhancing their transparency, efficiency, and overall trustworthiness. Carbon markets, which are vital tools in global efforts to reduce greenhouse gas emissions, have traditionally faced significant challenges such as lack of transparency, inefficiencies, and susceptibility to fraud. AI offers powerful tools for improving the accuracy and efficiency of monitoring, reporting, and verifying carbon emissions, while blockchain provides a decentralized, immutable ledger that ensures secure and transparent carbon credit transactions. This review explores how AI and blockchain can be applied to carbon markets by exploring the technical, operational, and regulatory challenges associated with their implementation and discuss the potential of integrated AI and blockchain solutions to create more robust and effective carbon trading systems.
Keywords:
Carbon; Fintech; Blockchain; Artificial Intelligence; Data Analysis
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0