Earlier this month BlockApps presented a blockchain solution for managing and optimizing carbon emissions for NYC buildings.
BlockApps presented this solution to an audience of 110+ industry stakeholders as a finalist in theenergy category of NYC BigApps’ 2019 blockchain competition – an event put together by NYCEDC and SecondMuse to explore potential use cases for blockchain in New York City.
In 2016, the NYC Mayor’s Office of Sustainability released the 80×50 Plan – a roadmap to reduce NYC carbon emissions by 80% by 2050. This ambitious plan breaks carbon emissions into four driving categories: Buildings, Transportation, Energy and Waste.
BlockApps chose to focus on helping manage building emissions because they have…
GHG Emission reductions by category from the 80×50 plan
These regulations present a special challenge for building owners who must retrofit their current buildings to meet new standards by as early as 2024. By 2029, most building owners will pay fines of $268 per ton of carbon emission in excess of their cap.
For existing building managers, this challenge is compounded by the need to maintain building availability for tenants and stay profitable. While retrofit activity decreases both costs and carbon emissions in the long-run, the upfront cost and effort of these activities can be unclear or initmidating.
Furthermore, this isn’t just new territory for exiting building management – these regulations also create new challenges for retrofit service providers (e.g. HVAC) as well as the regulatory authorities themselves:
BlockApps see’s the root cause of these challenges as a data management issue. While everyone wants lower costs and emissions, informed retrofit, policy, and service offering decisions are delayed by laggard (annual, monthly) data.
Instead of ignoring these initiatives and starting anew, this STRATO solution would leverage these initiatives to enhance the platform.
Solution – GHG Data Ledger & Retrofit Marketplace
To address these challenges, BlockApps defined a two-part STRATO solution:
How It Works
At a high level, both solutions will have the same user types: building managers, regulators, and service providers. Each solution would be a separate application, but smart contracts and ledger data could be connected between the two at the network-level.
Building data and events such as meter readings, IoT data readings, marketplace bids and retrofit project progress could all be codified into smart contracts that interact with one-and-other.
While either solution alone could help address the challenges of retrofit activity in NYC, BlockApps sees a compounded benefit from building and connecting the two solutions together: whenever a retrofit activity from the marketplace is completed, regulators can officially validate the retrofit and add it back to a building’s profile on the GHG ledger.
The benefits of the solution stem from addressing the core issue spurred by the NYC regulation – laggard, unreliable, or non-existent data. This solution provides a trusted source of truth (and resources) for GHG data and retrofit activity and unlocks benefits for all parties involved:
Great question! To us, the question is more ‘Why STRATO?’ – while blockchains in general enable a ‘single source of truth’, this solution would not be possible – much less ‘value-add’ – without some of the enterprise-grade capabilities and features of STRATO.
STRATO unlocks the benefits of blockchain and the Ethereum protocol for a comprehensive solution
NYC BigApps is the flagship civic innovation challenge in New York City for developers, product designers, academics, students, entrepreneurs, and New Yorkers at large to apply their know-how to improve the Big Apple.
This year, NYC BigApps Blockchain invited participants to collaborate with government leaders to co-design meaningful blockchain applications that solve real-world challenges facing public sector services and processes.
New York City Economic Development Corporation (NYCEDC) creates shared prosperity across New York City’s five boroughs by strengthening neighborhoods and creating good jobs. NYCEDC works with and for communities to provide them with the resources they need to thrive, and we invest in projects that increase sustainability, support job growth, develop talent, and spark innovation to strengthen the City’s competitive advantage. See their post about the event here.
SecondMuse works with visionary cities, governments, organizations and startups to create 21st-century economies. From Brooklyn to Bali, their programs build sustainable businesses, strong networks and informed, intimate communities simultaneously.
In addition to the event organizers and participants, BlockApps would like to extend a special thanks to industry stakeholders that helped us develop this solution:
BlockApps was the first company incubated out of ConsenSys in 2015 and has created several industry innovations including the launch of the best, easy-to-use, most powerful Blockchain as a Service (BaaS) platform on the market called STRATO. Since launching STRATO on Microsoft Azure in 2015, BlockApps has become the first blockchain company to partner with all major cloud platforms (Azure, Amazon Web Services, Google Cloud Platform) and is a founding member of the Enterprise Ethereum Alliance (the world’s largest open standard blockchain organization). Today, we continue to expand our partner network and the enterprise-grade capabilities of STRATO.
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