Chia Network to Develop Prototype for World Bank’s Climate Warehouse

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.

By James Rubin

Nov 5, 2021 at 6:43 p.m. UTC

Updated Nov 5, 2021 at 8:18 p.m. UTC

Chia Network founder Bram Cohen (Chia) — Chia founder Bram Cohen

James Rubin

James Rubin is CoinDesk's U.S. news editor based on the West Coast.

Follow @@JPRubin23 on Twitter

Chia Network, the blockchain and smart transaction 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 in a fact sheet.
“The Climate Warehouse will be a game changer by reflecting the data from connected independent standard registry systems and governmental systems to enable the traceability of project and unit information,” Chia President and COO Gene Hoffman said in an email to CoinDesk.
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, which aims to reduce public blockchains’ energy dependency, 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.

UPDATE (Nov. 5 20:18 UTC): Adds quote from Chia president.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.