Please describe your proposed solution.
The first phase of our project has funded on Fund 8: https://cardano.ideascale.com/c/idea/396832
We are seeking the fund for the second phase.
We established a team to work with tree planting organizations in Vietnam to introduce the blockchain technologies to solve their problem in providing transparency, auditability and measurelity to their donors.
We have worked with Gaia Nature Conservation to support us on planting the trees. Gaia is a national not-for-profit organization of Vietnam. Gaia empowers people and applies its experience to stop biodiversity degradation with the aim of creating a future where humans live in harmony with our rich and beautiful nature.
For more detail about Gaia, please visit: http://www.gaiavn.org; please select the English version to view content in English). More planting organizations will be onboarded in the future.
A number of trees planted in a particular area will be tokenized as an non-fungible token (NFT) which includes: planting time, the picture, the tree’s coordinate (latitude-longitude)… The NFT will be minted using cardano blockchain and provided to donors then they can easily check the result, we call each NFT as a Green Certificate. We are researching for the Dynamic Non-Fungible Token (dNFT) then the meta data of token can be updated to reflect the tree growing and its impact during its life time.
Our products consist:
- A web application to track and report the progress for starting to plant the tree, growth of the tree, calculation of impact (ie: Carbon sequestered over time from our forest…), NFT creation and reporting to donors.
- A moblie application for the planter to use to locate the planting area as well as capture the tree data that will be the input data for the dNFT. We will customise: Samsung A03 Core 2GB/32GB model and optimise it to install our application to issue for planters.
- A mini ERP for tree planting organisation to help them transform their current manual process into the digital which can be understood as a digital transformation for tree planting organisation.
Our detail product roadmap is as attached link: https://bit.ly/blocktree_products
We will also build the community, work with corporates, government bodies to continue to raise the fund to plant and tokenize the trees.
Our target is to use our solution to plant 200,000 trees until 2025.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
We noted that the reforestation is one of the best way to combat against climate changes, which is the current issue for the whole world, especially in developing countries in Asia. The resolution of the Vietnam government also aims to plant 1 billion trees for the period from 2021-2025. <https://en.baochinhphu.vn/vn-to-plant-one-billion-trees-in-2021-2025-period-11140813.htm>. We also plan to expand our actitivies for other countries in Asia: China, Korea, Japan, Indonesia, Thailand, Malaysia.
Our solutions: including planter application, sponsor portal, mini ERP using dNFT technology to provide transparency, auditability, measurelity, permanence in reforestation work in Vietnam and Asia countries.
The successfull of proposal is not only help to strengthen knowledge about the blockchain technology application to the real life to solve the current issue of business and socialty but will also improve the people live, create great social and environmental impact as well as promote the subtstainable development beyond the scope of this challenge as well as Catalyst.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
We are starting the project after Funded in Fund 8, we are currently on track of developing the solution and a lot of people are interesting in this as the sponsor, since the NFT and blockchain address their current concern about the integrity of data.
However, to persuade the planting organisation to change their current manual process to apply the technology into their work takes time and effort, especillay for the planter field force, they are low skill labors then need to educate them to understanding and follow our solutions.
We understand the dificult of digital transformation journey, we are designing the products that based on the insight information from interviewing the planting organisation as well as field-force planters. Our advisor, Ms Huyen Do also starting as an educator, she understand the power of education, after finish our MVP, we will focus on educate planters to use our solutions. That's why we will continue to raise more funding from Catalyst in next fund (fund 10,11) as mentiond in the FEASIBILITY part below. We also add a Partnership Manager, Ms Tu Nguyen, who has strong passion with education.
We will also bare the risk that the ADA price will go down on the day we receipt the fund, althought we try to cash out into stable coin immediately but it's dificult to predict the time that the fund were transferred (normaly at night), we have experienced the down of 5% in ADA price in the past.
So we would like to add 5% on top of the proposed budget for the reserve fund to avoid the price fluctuation risk.