Developing a Blockchain-based Ecosystem | European Blockchain Convention

[Music] uh it's a pleasure to be here again uh today to discuss about the climate impact and what we can do to act upon it so uh I'm glad to be on stage with Dan and Eddie maybe you could uh present briefly yourself and uh why you're here and how you came to the climate Finance environment um it seems to be a simple question but I'm afraid 20 minutes won't be enough to to to do this anyway I will try so uh I'm um the vice president of T Group which is one of the it's the biggest well-being uh um uh company in the world we are not just um operating but also uh inside the group we have 54 companies technological companies we provide the whole technology for sustainability and um for uh providing well-being so you can't talk about well-being if in the same time you uh Hur the environment the main issue we faced with was how to upset the carbon footprint and uh after analyzing the voluntary carbon market after analyzing uh what the carbon footing calculators could provide as an info for us we were not satisfied we started to design our own mechanism how to set the carbon footprint and uh we fail we fail because at the end we realize that the mechanism has to be apply for the whole visitor economy for the whole tourism industry so um because at some point we believe we are crazy and if no way to to to find the solution going through economics we contact the top universities in the world so we started with University of Sur because the uh faculty of uh uh tourism and uh uh management it's number one in UK number one in Europe and the number two in the world regarding tourism research we contact the academy for blockchain metaverse application from UK we contact The Institute for sustainability in UK and um we try to push our ideas in a way to become the subject of several researches the answer was not just positive but everybody was amazed we run all the three researches we finalized all of them one it's already published and uh one of the main problem we faced was we didn't found a blockchain able to support the mechanism and this is the moment when after weeks and weeks of research somebody from my team come with the idea rcts and uh I met them and it looks in that point and this was happening 8 n months ago that redx is on the straight way to reach the the the necessary capabilities to uh become the platform for us but I I want to let Dan to to provide more info about this so maybe yeah Dan if you could uh explain why radx is the technology that was uh the best and that was selected by uh by Eddie uh and why it was answering their needs sure so my name is Dan Hughes uh I'm the founder of radics which is a scalable layer one pro call um I've been in crypto essentially since the beginning of time um I started with Bitcoin I did a lot of research into the Bitcoin protocol because I was very interested in who would solve this ageold consensus problem and how had they done it and became very interested in their kind of economic impact as well that Bitcoin or other cryptocurrencies that came later um but there was some kind of been an engineer there was some concerns I had around scalability and decentralization and security over the long term uh so after spending a bit of time trying to figure out solutions to bolt into Bitcoin it just became obvious that this this is probably going to be better to approach from a clean slate um and so after a decade of research you we went very slow with our research we wanted to make sure that it was robust that we could find solutions to the scalability problems decentralization security but also the developer experience and the user experience over time um so we have a full stack solution for those problems um and our network has been rolling out in stages over the past few years and we were speaking about hospitality and Aviation and the offset and I guess there are a lot of transaction at the same time so is it something that was um one of the criteria when you choose radx is radx able to answer these needs for a huge number of transaction at the same time in fact um when blockchain technology entered to the market and entered to our lives it was created mainly for crypto exchange of course the the crypto Market uh has a very nice Evolution since that moment but it's still far far away from the moment when economics model could be deploying on on um on blockchains the main issue for me was the um TPS transactions to Second and um when we are talking about Vis the economy tourism industry we are talking about tens of millions of people traveling per day cruising flying accommodation for and beverage so uh it was very difficult to calculate how many transaction per second I need inside the blockchain to deploy my mechanism but I compare the number of transactions of Visa or Mastercard in Black Friday to see how many transaction per second they have and uh I realized that I need at least 120 150 TPS and my first question to to Dan when we met it was Dan are you sure you are able to provide these figures and then was absolutely it's not just absolutely but Dan please can you tell me yesterday how many TPS you reach and could be seen live on your blockchain yeah so if you come to our booth over in uh the arena to the radic booth we have a screen in the booth with a live test Network which is globally distributed hundreds of validators processing yesterday we were sustained 1.4 million transactions a second all day but that's impressive um but I think we we've been diving directly in the um research in the tech side I think a lot of people would actually like to understand what you're trying to solve and what is your solution bringing and who is it active in the climate space well nobody and when I'm saying nobody it means nobody nobody wants to pay even one more Euro for a plane ticket for accommodation in a specific holdup everybody's looking for the cheapest price and uh if you are talking about offsetting people don't understand the concept even companies for them it's very difficult so the main challenge for me for my team was how to find a mechanism how to find a solution to incentivize people to pay that fee without considering that it's a carbon tax they don't want another tax so uh our solution and it's not just a solution developed in a uh laboratory it's not just something which Academia come with no it's something which could be delivered very very fast and uh I had this presentation I'm in contact with the uh cop presidency with the I don't know biggest touris fair in the world ITB Berlin I deliver my presentation and everybody was shocked how easiest to to read reach that point so when somebody is traveling from point A to point B and is going to pay a fee to upset the carbon footprint that fee will never be considered as a tax that fee will be invested in a green project and the person who pay the fee will be able to see on the blockchain lives each phase of the investment and at the end of the investment the carbon credits with a lot of other information regarding the project regarding the money he paid and so on will become an nft and he will receive back this nft and if he's going to burn the nft on the blockchain and ofset the carbon footprint he will receive the second token the investment token which will allow him to have access to the profit from the company where the money his money were invested so in this way we developed A New Concept a three tier token and a new consensuous mechanism which the research regarding these two aspects are going to be published in an international research magazine till the end of this year and I guess to offset the carbon uh emission you need to have a good set of data so I'm wondering who you ensure that your the data that you're using for your solution is exact is correct and it's the most accurate one is there a specific mechanism in place is there a database that you're using is it your own inform information we have several discussion me and then regarding data security uh radic blockchain uh offers several solution regarding this but in the same time we came with the um plug-in solution we have a company in United States and the owner of the company the CEO is part of my research team and we'll be able to provide data security for data and Transit and data thrust inside the blockchain with the postquantum resilience so uh even uh uh all the information all the data we will collect and we will display on the blockchain all the connections between your phones and your laptops with the blockchain will have uh postquantum encryption and what about the accuracy of the data so are we sure that it's the correct calculation of emissions so we're not paying too much or too low well in order to to this aspect is also extremely extremely important in order to have an accurate uh uh image regarding the carbon footprint we develop another project in parallel with carbon economics model and um uh UK government invested 50% of the money come from UK government the other 50% come from ter group uh my group and we developed through a KTP project te knowledge transfer partnership a three years program when through University of top researchers in the carbon life cycle we will deploy several carbon footprint calculators able to calculate the footprint in tourism industry for different Services it's not normal to have the same carbon footprint calculator able to calculate for flying for cruising for accommodation you have different data so we will uh we already finalized the first one the carbon foine calculator linked with the aviation and uh it's considered by experts by specialist the new a new generation of carbon foot calculators the first carbon foodprint calculator in the world linked with the blockchain the data we collect from alline companies are deployed on the blockchain and we have some historical factors which are going back to the carbon footprint calculator and make it smarter and accurate every second and then do you have requests from other Solutions similar to teric group to develop of Solutions in the climate space uh I I'm I'm kind of working explicitly with ter group at the moment because it aligns with a lot of my own kind of like personal feelings around the environment and stuff um but I just wanted to make a point that part of the reason why F group we're looking for such a scalable blockchain is because you don't just have the user interactions of buying the tokens and the Investments and all that information around the the the use flights cars accommodation the information that the carbon calculator also needs to be ingested on on on Ledger right so that it's all available transparent so when you think about the users and their interactions plus all of the data from the sensors in the aircraft and the information that the hotel chains are providing for this carbon calculator you suddenly start to get okay yes we really do need 100,000 or 200,000 if this was to grow to a global scale right and mentioning the the carbon calculator are you also um thinking about the carbonation tools such as the University of Luxembourg or is are you also considering the emission uh tool from the Cambridge University are you open to Innovation from outside s University or is it like you're right now in the research phase well when we started this we started with University of Sur because as I mentioned the school of hospitality is number one in UK and number one in uh Europe uh regarding the tourism industry but it the the University of Sur is just the vehicle in my team we have researchers from from China from Taiwan from Australia from United States from Spain from Italy from Austria from Canada so we try to to bring in our research team the top minds and the top researchers in the world able to provide something which is not utopic something which is directly linked with the uh request and with the necessity from the private sector and yes we are opening to any collaboration with any University with any ngos with any company in fact on then private blockchain because the mechanism will be on a on a private blockchain we will have several artificial intelligence and in this field we work with Ox value AI the uh spin out company specialized in artificial intelligence from Oxford University and do you use uh for example we use uh DLT to ensure transparency traceability are you using AI as well to treat the data so you ensure that for example only part of the data that is useful to correctly calculate the information the the cost is used or do you only use DLT for that for me or for them I think you know so yeah so um uh the day we are talking about different uh Ai and I know this is a very very hot topic but from my perspective U everything is important it doesn't matter we are talking about blockchain or about digital asset it doesn't matter we are talking about AI or uh climate changing everything is important uh regarding the the the AI and the data we are going to collect it we discuss with the uh uh experts uh from from Oxford University and we in this moment trying to establish several partnership because Give an example one of the AI will be about how to select a green project where the money are going to be invested how to be sure 100% sure that the profit will be generated and will be tokenized in into the second token and uh of course nobody can can be sure 100% sure about the profitability of the company but at least to use as many info as possible using an i to to take this decision so we will have access even to data provided by the Meto satellites to make the predictability regarding how powerful how profitable will be uh a power Sol solar power plant where a wind power plant in a specific place in 10 years or in 20 years if the weather is going to change so yes we try to train the AI and to provide as many data as possible in order to support the decision maker and the decision maker always will be a person the AI will come with the info we make the analysis but the decision will be taken by people I guess there is much more to say but uh what would be uh your last word done and uh what would you wish for the audience to do uh whether it's uh to test your solution to come what is your wish uh for the climate Finance Solutions yeah I think I think this is one of those kind of projects and initiatives that has a broad vision and it really requires collaboration because there's so many entities involved for this to be successful but also you guys and the audience you know get passionate about this investigate the work that has been done um and we do also have a little demo that we can show people uh of like the token flow and stuff over at our booth as well so if you'd like a little walk through of a every a prototype um that describes what the tokens are how how you use them then feel free to come by thank you very much it was a really insightful discussion I want to say one more thing about rcts just one rning out of time yesterday another speaker said about rics that in 10 years Ric will become what Morgan Stanley is today for the financial sector uh I want to disagree then I'm sorry it won't happen in 10 years it will happen in maximum five well thank you very much a big round of applause for my speakers and uh I wish you a nice day bye thank you very much fantastic Emily Daniel and Edward absolutely brilliant