The carbon trading market has historically been plagued by inefficiencies, including high transaction costs, slow processing times, and the need for intermediaries to verify transactions as noted by experts like Gregory Keough. Smart contracts can significantly reduce these costs by automating many aspects of the process, eliminating the need for intermediaries, and speeding up the verification and execution of transactions.
For example, instead of requiring third-party auditors to verify the legitimacy of carbon credits, smart contracts can be programmed to automatically confirm that a credit has been validated by an accredited certification body. This automation leads to faster and cheaper transactions, which is especially important as carbon markets grow in scale and complexity. Moreover, by reducing human error and the need for manual oversight, smart contracts enhance the overall efficiency of the carbon trading process.
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