AlgoBharat is partnering with the Telangana government to develop blockchain-based solutions for sustainable practices

AlgoBharat, the India arm of the Algorand Foundation, announced the launch of its campaign with the state of Telangana to drive the deployment of blockchain-based solutions that support sustainable practices, including product traceability and transparency, and funding for carbon offsetting projects.

AlgoBharat wants to develop new partnerships for sustainable Web3 solutions across India with an aim to provide rural communities with access to carbon markets and empower their citizens to become climate entrepreneurs.

AlgoBharat’s push for Web3 solutions in India that promote eco-friendly practices aligns with the foundation’s overall mission to drive innovation in blockchain technology while promoting real-world utility. The AlgoBharat initiative seeks to empower farmers and other rural populations to generate and participate in the growing market for sustainable credit.

Carbon and other sustainable credits have historically required significant documentation and complexity to track using traditional methods, making the process prohibitive for many. To tackle this, AlgoBharat is coordinating with ecosystem companies that build on Algorand to provide a blockchain-enabled solution that makes it easier to generate verifiable sustainable credits.

Through the collaboration with the state of Telangana, farmers will be able to adopt environmentally friendly methods such as organic farming, agroforestry, cropping and harvesting solar energy – practices that support carbon sequestration, reduction of greenhouse gas emissions and reduction of climate change.

Blockchain technology ensures transparency, traceability and accountability in the generation of sustainable credits. For example, farmers will have the ability to record and verify their sustainable agricultural practices on the blockchain by creating a reliable and immutable record of their efforts. Moreover, they will be empowered to generate verifiable credits that can be traded on carbon markets, creating new income streams for the farmers and other populations whose livelihoods are essential to Bharat’s robust economy.

AlgoBharat looks forward to working with policy makers and other stakeholders across India to promote the adoption of sustainable practices that will help create an even more climate resilient Bharat.

Telangana State Secretary Jayesh Ranjan noted, “Sustainability is critical to us in Telangana and we are keen to support the adoption of sustainable practices – including by our farmers who are such an integral part of our society and are at the frontline of trade. with climate change. We are excited to promote innovative solutions that empower our citizens to earn and create liquidity through carbon credits. By deploying blockchain-based traceability, we will enable financing, provide infrastructure to monitor and record sustainable processes, generate credits according to recognized registries, and ultimately gain access to markets for liquidation and fund realisation. Our solution with Algorand will automate and democratize the process so that even our farmers have access to the same opportunities as large companies.”

Algorand’s vice president and country manager in India, Anil Kakani, celebrated the announcement aimed at empowering India’s rural populations on the occasion of Earth Day. “We have a strong commitment at Algorand to drive the use of blockchain for real-world solutions that provide greater inclusion. Imagine a world where a farmer in a village in India can earn carbon credits for his sustainable practices in the same way a commercial landlord can to use energy-efficient light bulbs in a building in New York City. That’s where we’re headed, powered by the innovative Web3 solutions being built at Algorand.”