On June 5th, China Beijing Environment Exchange (CBEEX), WeBank and Green Inclusive jointly announced that they will carry out technical cooperation for the development of the Green Mobility Inclusive Platform using blockchain. The three parties signed a Green Mobility Blockchain Strategic Cooperation Framework Agreement during an online launch conference.
At the conference, Henry Ma, EVP and CIO of WeBank, released the first white paper on the social governance framework based on blockchain technology, MERITS (Measurable Ethics: Rating, Incentivization, Tracking & Supervision Framework), which aims to unite multiple participants to accomplish the mission of technology-enabled promotion of good deeds.
The Green Mobility Inclusive Platform serves end-users through its WeChat Official Account and WeChat Mini Program, and adopts the FISCO BCOS open-source consortium chain platform, according to the Green Mobility Blockchain Strategic Cooperation Framework Agreement. The WeBank-led blockchain infrastructure FISCO BCOS is a financial-grade blockchain platform open sourced in 2017.
The Green Mobility Inclusive Platform promotes the reduction of greenhouse gas emissions by limiting motor vehicle usage. In the future, the platform will include more transportations like bus, subway, etc for the green mobility scenario.
WeBank releases the “MERITS” White Paper to encourage public to promote good deeds
“The platform is upgraded and optimized under the MERITS framework to ensure open and transparent processes of issuance, distribution, sponsorship, exchange, clearing and settlement, supervision and auditing with real-time traceable and verifiable records. Empowered by leading-edge technologies like AI, Blockchain, IOT, it may reach consensus among parties effectively while meeting compliance requirements and enhancing credibility,” Henry said.
The Green Mobility Inclusive Platform is the first landing project based on MERITS framework. Through the design of participants’ roles and operating processes, the three core mechanisms of MERITS can be reflected: First, Rating Mechanism, the green and low-carbon travel behavior of users of Green Mobility Inclusive Platform is recorded by the Internet and IOV (Internet of Vehicles) devices and accurately measured by carbon emissions. Secondly, the Incentive Compatibility Mechanism allows each participant of Green Mobility Inclusive Platform to take actions based on their own demands to realize the result of win-win and advocating low-carbon values. Finally, to balance innovation with risk, the Compliance Governance Mechanism allows the Green Mobility Inclusive Platform to meet the regulatory and auditing requirements by taking advantage of the immutability, full process traceability, and multi-party consensus of adopting blockchain technology.
“CBEEX has exerted its innovative advantages and jointly released the Green Mobility Inclusive Platform with WeBank and Green Inclusive. Through market-based incentives, we promote a method for the public to travel environmentally friendly. The platform also incorporates the social governance framework MERITS proposed by WeBank, to encourage everyone’s good deeds through technological means,” said Wang Huijun, EVP of CBEEX.
“The Green Mobility Inclusive Platform is combined with the concept of MERITS, using blockchain technology to attract more participants to join in. The established green inclusive ecological closed-loop sustainable economy ensures that carbon points will be used to reward users for their carbon emission reductions,” said Jiang Nanqing, chairman at Green Inclusive.
MERITS provides solutions for efficient governance in epidemic management and containment
Looking into the future, Henry mentioned MERITS can also be applied to Environmental Protection, Personal Fitness and Health, Cultural Enrichment, Philanthropy and Community Service as well as Public Health. Particularly, in the global fight against the COVID-19 pandemic, by applying the MERITS framework, public health administration can join hands with nongovernmental parties in the aim to encourage organizations and individuals to actively participate in and contribute to coronavirus prevention efforts.
For instance, the Incentive Compatibility Mechanism can be designed to encourage individuals to declare travel history or other related information, take temperature, and self-isolate, which will help effectively contain the spread of the infection.
“With the help of MERITS, WeBank hopes to work with our partners globally to promote good acts of kindness with science and technology. In this regard, the Incentive Compatibility Mechanism of MERITS can benefit from open collaboration and serve to guide the public to practice good deeds through positive tangible incentives,” Henry said.