Ivy League university, Yale openlab, will be utilizing the Social Alpha Foundation grant to develop a carbon emissions tracking tool. Social Alpha Foundation is a non-profit, grant-making platform which provides funding to companies using blockchain. This is a joint initiative between the Yale Business Centre for Business and the Environment and the Tsai Centre for Innovative Thinking at Yale.
Social Alpha Foundation was founded in 2017 by Nydia Zhang and Jehan Chu. Its main focus is supporting blockchain education and aims to reach as many people as possible. SAF provides funding to companies with no strings attached and strives to educate communities about blockchain.
The founder of the Yale openlab and Innovator-in-Residence at the Tsai Cnetre, Martin Wainstein, PhD, said: “Climate change is a global issue that requires immediate attention. Our Earth’s atmosphere can hold a limited amount of CO2 emissions before the global average temperature rises above levels deemed as safe for humanity. At present, if emissions continue to be left unchecked, our limited carbon budget could be consumed in as little as 15 years. This challenge requires people and organisations to collaborate at an unprecedented scale, and reimagine traditional business models and paradigms.”
The grant will support two of Yale openlab’s projects. Wainstein continued, “The Paris climate agreement has set the world on a path to zero emissions by 2050, but we lack the global tools that can help us track our environmental actions in a trustless and competitive world. We believe a constellation of blockchain technology, data oracles, and internet-connected sensors under open source protocols and standards may provide the fabric for globally trusted procedures to emerge, and we are immensely grateful to Social Alpha Foundation for allowing us to inspire and educate the next generation in how to apply blockchain capably and ethically for environmental impact.”
Nydia Zhang, Co-founder and Chairman of Social Alpha Foundation, said: “Yale openlab’s unparalleled expertise in climate change research, longstanding credibility at the governmental level, and its open innovation framework means new ideas, products, and services will be conceived in a transparent and shareable, rather than proprietary, format. We look forward to seeing how Martin and the Yale openlab team will leverage blockchain and distributed ledger technologies to enable collaborative projects which are part of this emerging third wave of the internet, and how this will positively impact the environment.”