After two years of intensive development and dedication with guidance from green finance experts, capital market actors, and technology engineers, the Green Assets Wallet is finally being launched on the Chromia Mainnet. Green Assets Wallets will debut as the world’s first blockchain platform for validation and impact reporting of green bonds. This release event will be hosted in Stockholm on December 12 with close partners of the Green Assets Wallet.
Details of the Green Assets Wallet
The Green Assets Wallet (GAW) is a unique blockchain application that brings together the validators, issuers of the Green Bonds and investors on a single platform. The platform aims to make a substantial investment in green bonds as well as Green Impact Verification. The project is under the leadership of Stockholm Green Digital Finance (SGDF), with the 4ire Labs team responsible for the development and integration of Chromia blockchain. The GAW project is funded by SEB bank, Government Authorities in Sweden and Germany, Öhman, the Stockholm Sustainable Finance Center, GIZ, CICERO (Center for International Climate Research and the leading global provider of Second Opinions on green bonds).
The Green Asset Wallet will be built on Chromia, ChromaWay’s scalable relational blockchain for dapps. The GAW was initially built on Postchain, which is the original relational blockchain. Chromia is Postchain scaled up for global use. Chromia is owned by ChromaWay– a blockchain pioneer and a key partner of SGDF. It was developed to solve several usability issues affecting blockchain today.
GAW leverages trust-by-design architecture. Therefore, it provides investors with real-time and direct access to issuer information and impact reports. The platform features a unique technology that equips the green debt market with the technology to support and enhance investments required to deliver on the Paris Climate Agreement and Sustainable Development Goals (SDGs) as well as the recently launched European Green Deal.
What You Should Know About Chromia
As mentioned earlier, Chromia is a platform for decentralized applications developed using relational blockchain. It was created by ChromaWay, a company that has been dealing with blockchain technology since 2014. ChromaWay is credited with Colored Coins, the first blockchain token system developed on the Bitcoin protocol.
A relational blockchain like Chromia is ideal for GAW as it provides the security guarantees of a platform, and the complex validation and querying capabilities as a relational database. This closes the usability gap between centralized and decentralized apps to a great degree.
Kirill Kirikov, a partner at 4ire Labs and a key developer for the GAW while commenting on the launch, stated: Chromia is much more convenient for us as developers. It has made it easier for us to vastly improve user experience, the reporting system and search functionalities. In the future, we will investigate how to add information to the GAW even more efficiently. This would be especially useful for issuers with many green projects,”
Following the launch, the project will now be more concerned with delivering overall upscaling that, in the long run, translates to adding more content to the platform, including bonds, projects, issuers and reports, among others. Future developments of the platform include automatization of import data from the issuer and the project, which is being investigated by the GAW’s developers. The platform is expected to expand to other continents, including Africa, South America, Asia and North America.