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Through the use of a permissioned blockchain, the use of fossil fuels could be tracked at the same time carbon credits are traded.

"What we're building into a token is an accounting methodology to automatically calculate the carbon footprint as well as with the design of the token creating an instrument we anticipate can be exchange traded," Klee said. "We hope that opens up a world of opportunities not only for companies to buy these and immediately use the carbon credits, but so that a company can perhaps anticipate what their upcoming environmental impact activities will be this year and purchase tokens as a hedge."

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