Using the Blockchain to Reduce Carbon Emissions in the Visitor Economy

Eduard Romulus Goean, Xavier Font (), Yu Xiong, Susanne Becken, Jonathan L. Chenoweth, Lorenzo Fioramonti, James Higham, Amit Kumar Jaiswal, Jhuma Sadhukhan, Ya-Yen Sun, Horst Treiblmaier, Senmao Xia and Xun Zhou
Additional contact information
Eduard Romulus Goean: Therme Group RHTG AG, 1120 Vienna, Austria
Xavier Font: School of Hospitality and Tourism Management, University of Surrey, Guildford GU2 7XH, UK
Yu Xiong: Surrey Business School, University of Surrey, Guildford GU2 7XH, UK
Susanne Becken: Department of Tourism, Sport and Hotel Management, Griffith University, Southport, QLD 4222, Australia
Jonathan L. Chenoweth: Centre for Environment and Sustainability, University of Surrey, Guildford GU2 7XH, UK
Lorenzo Fioramonti: Institute for Sustainability, University of Surrey, Guildford GU2 7XH, UK
James Higham: Department of Tourism, Sport and Hotel Management, Griffith University, Southport, QLD 4222, Australia
Amit Kumar Jaiswal: Surrey Business School, University of Surrey, Guildford GU2 7XH, UK
Jhuma Sadhukhan: Centre for Environment and Sustainability, University of Surrey, Guildford GU2 7XH, UK
Ya-Yen Sun: Business School, University of Queensland, St Lucia, QLD 4067, Australia
Horst Treiblmaier: School of International Management, Modul University Vienna, 1190 Vienna, Austria
Senmao Xia: Surrey Business School, University of Surrey, Guildford GU2 7XH, UK

Sustainability, 2024, vol. 16, issue 10, 1-11

Abstract: The visitor economy is responsible for a substantial percentage of the global carbon footprint. The mechanisms used to decarbonize it are insufficient, and the industry is relying on carbon trading with substandard credits that allow businesses to outsource the responsibility to decarbonize. We aim to transform carbon markets, help finance climate investments, and support decarbonization strategies. We identify and define the problem, outline the components and their interactions, and develop a conceptual model to transform carbon markets. The new, blockchain-based Carbon Tokenomics Model rolls out a decentralized database to store, trade, and manage carbon credits, with the goal of enabling sustainable climate finance investment. We outline the criteria needed for an industry-wide carbon calculator. We explain the process needed to increase rigor in climate investments in the visitor economy and introduce a delegated Proof of Commitment consensus mechanism. Our inclusive and transparent model illustrates how to reduce transaction costs and how to build consumer and industry trust, generating much-needed investments for decarbonization.

Keywords: blockchain; tokenomics; visitor economy; carbon trading; climate action (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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