Blockchain News

Blockchain-Backed Environmental Credit Scoring System

Dr. Maher Abdelsamie has announced the filing of a patent application for blockchain-backed methods and systems for environmental credit scoring. This application is not Abdelsamie’s first foray into climate tech. Last year, the U.S. Patent and Trademark Office (USPTO) issued patent no. 10,325,270 titled “Methods and Systems for Environmental Credit Scoring” and approved Abdelsamie’s Patent Prosecution Highway (PPH) petition after receiving a fully favorable International Search and Written Opinion (ISR/WO) following his PCT patent application.

“The new filing pertains to methods and systems comprising encrypting and storing individuals’ and businesses’ environmental activity data and other information on the blockchain,” said Abdelsamie when asked about the nature of his patent. Speaking about the unique nature of blockchain and its effect on the environment, he further stated, “A blockchain is an immutable, secure and distributed ledger that can enable multiple parties to transfer, track and exchange information or currency. There is a distinction between Bitcoin that uses proof of work consensus mechanism and other energy-efficient blockchains that use different consensus mechanisms in terms of energy consumption. Additionally, every product and service offered by the partners of the Environmental Credit Scoring System ECSS must be accompanied by a verified environmental product declaration.”

“Blockchain has taken the business world by storm. I believe that the crypto-economic properties of the blockchain-backed ECSS can change the way people think about environmental protection. Individuals will be incentivized based on their environmental activities. The implementation of the ECSS will also create employment opportunities for qualified individuals worldwide.

This recent patent filing is particularly significant in light of the imminent climate change crisis. “There is a global panic over the Coronavirus (COVID-19), and many countries are taking measures to prevent the spread of COVID-19, such as suspending flights and banning travel. Climate change is already affecting the geographic, seasonal distribution and incidence of infectious diseases globally. As climate change causes are increasing, the rate of health problems and other effects associated with climate change increases. So, why don’t we panic about climate change?” said Abdelsamie when asked about the timing of his patent filing. We have less than 10 years left to prevent irreversible damage, and no ecosystem on Earth is safe from climate change. The implementation of the ECSS will help protect the future of humanity on the planet by boosting demand for verified environmentally friendly products and services.

Regarding the implications of this patent application, Dr. Maher Abdelsamie said:
“The implementation of the ECSS will create competition between product and service providers aimed at protecting the future of humanity on the planet and help them market their products and services worldwide by boosting the demand for environmentally friendly products and services. The greater the consumer demand for environmentally friendly products and services, the greater the incentive will be for entrepreneurs to enter the market. This in turn will help product and service providers adjust their business plans to become more environmentally friendly. The blockchain-backed ECSS will create opportunities for individuals, governmental entities, businesses, nonprofits and other entities to join forces to protect the environment, while also serving their own self-interests.”

An Environmental Credit Score represents the environmental footprint of an individual, business, or other entity based on their verified environmental activities. This score can be used in many decision-making areas. For example, it can be used by universities in making admission, scholarship and award decisions; similar to community service requirements. The score could also become a factor in hiring decisions and landlord-tenant decisions.

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