Solution

Decentralized measurement, reporting and verification (dMRV) means that no single entity will own, manage or regulate how MRV is done. Instead a collective of people from many different organizations can build upon and improve this dMRV system. For current accreditation standards a combination of on the ground data collection, satellite sensing and IOT devices are used to back the credits. Utilizing web3 mentality, trust minimized data collection methods can be created. An example of this is to write open codes for actions that used to be performed by humans, like detecting a tree and the species of tree it is. Other data collection technologies can become integrated into this system as they become standard in the future. Once the data is collected open source reporting and verification methodologies can be utilized to analyze the data. Entities that collect the data and create the analysis methodologies are paid each time data is used and an analysis done. This inspires entrepreneurs to build specialized dMRV services which can benefit further regenerative projects. The entire dMRV allows for standardization, trustlessness, immutability, transparency, and open accessibility. This paves the way for decentralized data backed credits. These credits are tied to a specific regenerative action and entity who carried out the action continuously updated over time as more data is gathered. This data and the methodologies used to analyze it is stored permanently and immutably through technology such as IPFS, Arweave etc. The collectors of this data are the owners of it, allowing for sensitive data to be fully controlled by its owner. The dMRV would assist regenerative projects across blockchains and be interoperable with any new blockchain that came into existence. Every entity that is involved with this dMRV helps to iteratively improve upon it. With this, local communities can become more deeply involved with how the regenerative projects they carry out go through the dMRV process as well as tap into funding that was not previously available to carry out these projects. Along with that the diversity and veracity of Natural Capital assets being valued can exponentially increase. We are in the beginning of this dMRV process and countless building blocks are still missing. There will be problems and limitations that we encounter, but as these gradually get addressed it will become possible to use this new set of lego building blocks to build things that we can hardly imagine today.