Optimizing EU carbon footprint tracking: A low-energy blockchain approach with Proof of Elapsed Time.

Carbon dioxide (CO2), responsible for over 80% of greenhouse gas emissions, necessitates urgent global climate action. To address this, organizations must accurately measure and offset their carbon footprints. Blockchain technology offers a promising solution by ensuring data transparency, traceability, and integrity in emission tracking. Despite concerns about its energy use, Blockchain enhances accountability in carbon footprint assessments, particularly in industrialized European Union (EU) countries. This paper focuses on the Proof of Elapsed Time (PoET) algorithm, a low-energy consensus mechanism, and evaluates its effectiveness in reducing emissions through improved carbon measurement. A comparative analysis is conducted between traditional and Blockchain-based approaches, emphasizing the advantages of PoET. The paper is structured to first explore carbon footprint fundamentals and challenges in EU contexts, then review relevant literature and outline the research methodology. Finally, the results demonstrate PoET's potential in optimizing emissions tracking and offer strategic recommendations for enhancing environmental sustainability practices using Blockchain.