Decentralized Carbon Market

What was the project about? ​

Several blockchains projects are working towards a decentralized market place for carbon credits. Due to the distributed nature of climate data and lack of transparency in CO2 accounting, blockchains are a unique technology for this application. However, current initiatives lack scientific underpinning, standardization, and security of implementation. The latter is crucial due to billions lost each due to do hacking. ​

In this project research was carried out to describe the science behind decentralized carbon markets or more specifically on token standards for Green DeFi such as semi-fungible tokens. The researchers in the project specified details about these tokens and their security properties and furthermore integrated these in a prototype Decentralized exchange.​



Host Institution(s):​

Aarhus University (AU)​

Principal Investigator:​

Bas Spitters, Associate Professor, Department of Computer Science​


Concordium ApS and Nomadic Labs​


200.000 DKK

Project period:


Project outcomes


You can access the software developed in the project on github with a permissive open source license here


Formalising Decentralised Exchanges in Coq by Eske Hoy Nielsen, Danil Annenkov, Bas Spitters. ​Find here


Please read a blogpost about the project here


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