International blockchain developers Buzzmint have been awarded funding to develop a blockchain demonstrator for The Green Economy Wales Blockchain Ecosystem, a project founded by the team behind independent Welsh publisher Business News Wales.
Buzzmint, which has offices in Mid Wales and London, will work to provide a proof of concept, in terms of how blockchain technology can play a significant role in ensuring the integrity of the carbon trading marketplace by addressing challenges related to legislation, efficiency, transparency, and security.
Using real-world data from Business News Wales clients within a variety of sectors, the new carbon credit platform will sit within www.greeneconomy.wales and is set to launch in September.
The Buzzmint/Business News Wales project is part of Blockchain Connected’s wider initiative, “Demonstrating the Potential of Blockchain”, which is funded by Welsh Government. The initiative aims to explore the capabilities of blockchain technology and provide real-world case studies of applications that can deliver social, economic, and environmental benefits in Wales and further afield.
Avril Lewis, Managing Director of Technology Connected, said:
“Blockchain technology opens the door to limitless possibilities, but it’s not well understood. Blockchain Connected, which is part of the Technology Connected family, is building the blockchain community in Wales and highlighting its vast potential. Projects such as this Buzzmint and Business News Wales collaboration help to raise awareness of blockchain in new spheres and amplify Wales’ status as a growing centre of excellence.”
Mark Powney, Managing Director, Business News Wales commented:
“Diversifying into blockchain opens up new opportunities for Business News Wales, at a time when more traditional publishing revenue models are disrupting and subject to market fluctuations.
“As an entrepreneurial and ambitious publisher, the next phase of our scale up is to sit technology and data at the forefront of our business, and blockchain is a good fit in so many ways.
“Blockchain represents the embodiment of trust, transparency, and technological innovation, all of which sit at the heart of what we stand for at Business News Wales. Whilst our initial focus will centre on the carbon trading industry, we will naturally be looking at blockchain as an application for the publishing side of the business, throughout the process.
“Our Green Economy Wales Blockchain Ecosystem will offer a highly disruptive alternative within the carbon trading marketplace and is being developed in partnership with many of our existing clients.”
Charles Symons, Managing Director of Buzzmint, one of the UK’s fastest growing blockchain firms, commented:
“I applaud the team at Business News Wales for their ‘out of the box thinking’ in what for many will be seen as an unusual strategic move for a publishing business.
“It’s clear that Mark and the team identified the lack of understanding that organisations have around blockchain and to fill this gap they spotted the opportunity to build their own platform that organisations will find easier to work with – particularly if they don’t have an understanding of blockchain.
“As a proud Welshman and a longstanding reader of Business News Wales, it’s fantastic to be working with such a forward-thinking team.
“At Buzzmint, we work with a variety of organisations on the global stage and I am excited at bringing some of this experience into Wales.”