Part 1 – Introducing the Problem

Tokenizing Carbon Markets: Why Blockchain Still Hasn't Fixed the Real Problem

Carbon credits represent a $900B+ addressable market—but despite blockchain's decade-long promise to revolutionize them, the intersection of carbon offsetting and decentralized ledger technology remains a fractured experiment. Blockchain-native carbon credits are often pitched as a way to reduce fraud, increase traceability, and add financial incentive layers through tokenization. Yet the reality is that carbon credit markets continue to operate in silos, with opaque registries, minimal interoperability, and barely functioning on-chain liquidity.

Historically, voluntary carbon credit registries evolved independently, with differing verification standards, governance policies, and permissioned data silos. Even after carbon credit platforms like Vera or Gold Standard began releasing digital registries, these systems remain centralized intermediaries and entail considerable trust overhead. Attempts to tokenize credits frequently involve wrapped representations or bridged assets—effectively synthetic derivatives with weak guarantees about their underlying environmental value. The "real world asset" narrative doesn't translate well when the base data is unverifiable.

The failure of blockchain to effectively penetrate carbon markets stems from several deeply embedded structural issues. First, oracle trust remains a black hole. Most on-chain representations of carbon credits rely on a single data source to verify issuance, retirement, or double-selling. Without a decentralized model for carbon data attestations, tokenization merely replicates off-chain fragility in an on-chain wrapper. Second, no dominant protocol has answered the question of credit fungibility. A credit generated from reforestation isn't equivalent to one from methane capture—yet many platforms flatten these distinctions in pursuit of liquidity. This undermines environmental efficacy and disincentivizes high-quality offsets.

Even MakerDAO—a pioneer in RWA integration—remains extremely cautious around carbon credits for precisely these reasons. While it pushed into tokenized treasuries and real estate-backed stablecoin vaults, carbon markets remain off-limits due to pricing opacity, low auditability, and credit degradation risk. For context, see https://bestdapps.com/blogs/news/a-deepdive-into-maker where the challenges of real-world assets in DeFi are broken down in detail.

What amplifies the issue even further is decentralized finance's reliance on composability. A flawed or unverifiable carbon token compromises protocols that use it as collateral, reward assets, or trade instruments. In other words, without robust trust-minimized infrastructure, tokenized carbon credits remain a failed promise rather than a DeFi innovation waiting to happen.

Emerging models are exploring decentralized MRV (Measurement, Reporting, and Verification), cryptographic proofs of offset integrity, and credit-specific NFT standards. Some even challenge the very concept of credit fungibility on-chain.

Part 2 – Exploring Potential Solutions

Blockchain-Based Carbon Credits: Evaluating Emerging Solutions for On-Chain Verification and Integrity

Solving the fragmentation and opacity outlined earlier requires a synthesis of technical standards, trust-minimizing protocols, and interoperability layers. While the voluntary carbon market (VCM) struggles with double issuance, unverifiable ecological claims, and inefficient registries, several blockchain-native approaches aim to inject rigor. Yet, each carries trade-offs in decentralization, legitimacy, or scalability.

One concept gaining traction is MRV or Measurement, Reporting, and Verification protocols using on-chain oracles. Protocols like Toucan, Regen Network, and Open Forest Protocol introduce cryptographically-auditable digital twins of real-world carbon assets. Toucan maps third-party verified credits (e.g., VCS/Gold Standard) to tokenized representations while building registries on-chain. This introduces traceability but remains dependent on legacy certifiers—attenuating potential for full decentralization.

Projects like Regen Network attempt to decouple from centralized registries by embedding ecological modeling directly on-chain. Validators are responsible for ensuring adherence to methodological baselines. While this removes dependency on off-chain actors, the challenge lies in quantifying ecological outcomes through data sources like remote sensing or IoT without falling prey to gaming. False-positive claims are easy to make; costly to disprove.

Zero-knowledge proofs (ZKPs) have also entered the conversation, particularly in privacy-preserving credit attestations. While ZKPs enable confidential verification of environmental impact (e.g., through zkSNARKs attesting clean energy load), implementation complexity remains high. Moreover, zk-solutions may not overcome the core issue: the physical-world actions they validate don’t inherently leave cryptographic proofs.

Interoperability is another vector: tokenization projects lack a shared schema, fragmenting liquidity. The Interchain Foundation and IBC-compatible carbon protocols attempt to bridge this through shared identity layers and cross-chain registries. Still, without common metadata standards, bridging offers low composability. Treating all carbon credits as fungible undermines nuances in methodologies, vintage, and geography—leading to market distortion.

Governance is another concern. Several protocols implement token-weighted governance, which may lead to perverse incentives where market participants prioritize credit volume over ecological quality. The same criticisms surfaced in DeFi (see https://bestdapps.com/blogs/news/unpacking-the-criticisms-of-maker-mkr-token) where stakeholders could financially benefit from protocol bloat.

Even if technical infrastructure matures, the human coordination layer remains underdeveloped. Who adjudicates conflicting data claims? Can sensor-faked data be caught before issuance? And does blockchain integration result in better enforcement, or simply translate legacy failures into Solidity?

Exploring real-world deployments and experiments—where theory meets execution—will offer insight into what’s working, what isn’t, and why.

Part 3 – Real-World Implementations

Real-World Deployments of Blockchain-Powered Carbon Credit Systems: Obstacles and Insights

The integration of carbon credits onto blockchain networks has triggered a surge in startups aiming to tokenize environmental value. One of the earliest implementations came from Toucan Protocol, which launched on Polygon and attempted to establish a bridge between Verra-certified credits and on-chain liquidity pools via the BCT (Base Carbon Tonne) token. The initiative faced a major challenge when Verra disallowed the tokenization of retired credits due to regulatory and legitimacy concerns, leading to a dramatic collapse in protocol usage. This incident revealed a significant vulnerability: off-chain carbon credit certifiers still retain dominance and can unilaterally disrupt tokenized ecosystems.

Flowcarbon, backed by high-profile VC funding, aimed to integrate real-world carbon offsets into DeFi markets using the GNT token, but its rollout was stalled. Despite a credible roadmap for DAO governance and transparent audit trails, the project's reliance on central API oracles introduced latency and potential single points of failure—not ideal for composability within permissionless environments.

Open Forest Protocol took an alternative path, focusing on MRV (Monitoring, Reporting, and Verification) infrastructure rather than credit issuance. Built on NEAR Protocol, its data layer enables tamper-proof forest data collection via IoT and satellite integrations. While the concept is solid, scalability beyond pilot regions like Sub-Saharan Africa remains limited. Attention must be given to credible validator incentives and an interoperable standard layer for forest impact quantification.

Meanwhile, KlimaDAO attempted to gamify climate finance by wrapping BCT tokens into KLIMA, offering bonding and staking incentives. While the treasury amassed substantial carbon tonnage, critical issues emerged. The emphasis on short-term APYs diluted impact-driven participation and attracted speculative actors. For a DAO supposedly focused on environmental regeneration, mechanisms for long-term impact assessment are conspicuously lacking. The protocol's collapse in token stability further intensified debates on the feasibility of leveraging DeFi game theory in environmental applications—see our analysis on governance mechanics in volatile environments in https://bestdapps.com/blogs/news/the-overlooked-importance-of-protocol-level-privacy-features-in-enhancing-user-sovereignty-within-decentralized-finance.

Technical hurdles pervade this landscape. Cross-chain interoperability for carbon assets remains fragile, with liquidity fragmentation between L1 chains like Ethereum and emerging L2s such as zkSync or Arbitrum. Moreover, MRV data silos often lack timestamp precision, challenging the creation of trustless smart contracts for credit issuance.

Having explored these real-world attempts, the next section will analyze the long-term viability of these models under more mature regulatory, technical, and economic conditions.

Part 4 – Future Evolution & Long-Term Implications

Future Evolution of On-Chain Carbon Credits: Scaling, Interoperability, and Tech Integration

The tokenization of carbon credits on public blockchains is rapidly evolving beyond basic representations of offset assets. Critical scaling challenges—such as transaction throughput, protocol congestion, and cross-chain transferability—are motivating the development of increasingly sophisticated solutions. Layer-2 rollups, app-chains built with Cosmos SDK and Substrate, and zero-knowledge proofs are being explored to compress carbon asset metadata and streamline credit issuance without compromising auditability or provenance.

Emerging zk-based verification models are also gaining traction as a way to reduce friction between credit issuers and on-chain registries. Projects are beginning to adapt recursive proof architectures, allowing carbon credit claims to be validated against real-world data sources—such as satellite imagery and IoT climate sensors—without disclosing sensitive GPS or identity data. These privacy-preserving mechanisms mirror approaches seen in ecosystems with strong zk commitments, such as those described in https://bestdapps.com/blogs/news/decoding-arpa-tokenomics-powering-privacy-in-blockchain.

From an interoperability standpoint, the carbon credit space is quickly aligning with sector-specific standards like Open Forest Protocol, Verra APIs, and GS Registry integrations to drive data uniformity across platforms. The next wave will likely see seamless composability with existing DeFi ecosystems. Use cases like carbon-backed stablecoins, regenerative finance (ReFi)-driven lending pools, and carbon escrow contracts are already prototyped but require deeper oracle integration and cross-chain liquidity bridges.

DAOs with treasury mandates focused on environmental impact are also starting to adopt carbon token standards directly into rebalancing logic and governance policy. Similar to how MKR governance shapes DAI monetary policy, such implementations may mirror how dynamic collateral portfolios are managed in https://bestdapps.com/blogs/news/decoding-maker-data-driven-governance-in-defi. If successful, there’s potential for the climate-financial complex to function as an autonomous macroeconomic system on-chain.

However, fragmentation remains a substantial blocker. Competing standards between chains, lack of agreement on data attestation protocols, and disputes over the validity of on-chain per-ton pricing mechanisms introduce unpredictability for institutional demand. Until a neutral layer achieves credibility among both crypto-native actors and traditional market validators, intersystem friction will obstruct scaleable adoption.

As innovation accelerates, how decisions around protocol upgrades, validator disputes, marketplace rules, and data licensing get made will become mission-critical. The path forward depends not just on technical breakthroughs, but on who governs which components of this emerging infrastructure.

Part 5 – Governance & Decentralization Challenges

Blockchain-Based Carbon Credits: Governance Models and the Fragile Promise of Decentralization

The tokenization of carbon credits on the blockchain introduces a governance dilemma: how to create incentive-aligned, transparent, and resilient mechanisms for oversight while avoiding centralization risks that would erode the very ethos of Web3. Governance in this domain is not just a technical issue—it’s a political one, with high-value implications for environmental impact, financialization, and public trust.

Centralized governance models offer operational simplicity but introduce systemic fragility. Entrusting a foundation or core development team to maintain control over registries, rulesets, oracles, and legitimacy standards may streamline compliance and attract institutional players. But this model is deeply vulnerable to regulatory capture and misaligned incentives. If a central actor is pressured to whitelist questionable carbon projects to boost volume or market activity, the environmental integrity of the credit itself collapses.

Contrast that with decentralized alternatives, which typically operate through token-based voting frameworks or DAOs. While these allow broader participation and censorship resistance, they open the door to plutocratic control. In a protocol where voting weight is tied to token holdings, whales can dictate methodologies for verifying carbon sequestration or offset legitimacy—raising the risk of value dilution and governance attacks. Consider what happened in protocols like MakerDAO, where the tradeoff between data-driven governance and token centralization remains a heated debate (Decoding-Maker-Data-Driven-Governance-in-DeFi).

DAOs attempting to govern carbon credit markets must grapple with more complex, domain-specific questions than typical DeFi protocols. Scientific evaluations, life-cycle carbon accounting, and jurisdictional regulatory transparency demand a level of nuance that token-weighted governance often lacks. Without reputation systems or delegated oversight via subject matter experts, the risk of uninformed or malicious voting increases significantly. It poses an existential threat to the credibility of on-chain carbon credits.

Another persistent challenge is governance bloat. As protocols mature, proposal pipelines get saturated with noise, increasing decision fatigue and gridlock. Carbon-focused DAOs that intersect public and private climate initiatives will also struggle with conflicting mandates—public good vs. profit maximization.

Some projects experiment with hybrid models, blending technocratic oversight boards with DAO-guided policy frameworks. These may delay full decentralization but offer a breeding ground for gradual experimentation. However, this structure isn’t immune to ossification or elite entrenchment, particularly if check-ins on governance composition and token distribution are not part of the protocol's native DNA.

Part 6 will examine how scalability constraints and engineering trade-offs may either accelerate or choke the widespread adoption of blockchain-based carbon markets.

Part 6 – Scalability & Engineering Trade-Offs

Scaling Carbon Credit Markets on the Blockchain: Trade-Offs Between Decentralization, Speed, and Security

Implementing carbon credits on-chain introduces a rarely explored intersection: merging real-world environmental assets with the unforgiving operational requirements of public blockchains. While the tokenization process itself has matured, the bottleneck lies in scalable infrastructure. Three core tensions dominate this engineering landscape—decentralization, transaction speed, and network security—and optimizing for all simultaneously is near impossible.

Proof-of-Work (PoW), lauded for security and censorship resistance, is unsuitable for high-throughput carbon credit environments. Slow block times and rising gas fees create friction for ecosystem actors like verifiers, registries, and marketplaces that depend on rapid settlements. While Proof-of-Stake (PoS) networks have stepped in, Layer 1s like Ethereum still suffer from congestion and unpredictable execution latency during traffic spikes.

Enter Layer 2s, sidechains, and alternative Layer 1s. Optimistic Rollups and zk-Rollups promise reduced transaction costs and faster throughput—necessary for scaling to thousands of transactions per second, especially as carbon credits are fractionalized and composable across DeFi products. But here again, trade-offs emerge. zk-Rollups offer strong data integrity but carry higher development complexity. Optimistic Rollups simplify deployment but introduce fraud windows, complicating finality in time-sensitive settlement scenarios.

Solana, with its high-speed architecture and single global state machine, looks attractive at first glance. But high hardware requirements and past downtime challenge its suitability for trust-minimized environmental finance. On the other end, Cosmos chains offer modular sovereignty and scalability via app-specific environments but fragment liquidity and present governance silos. Even more hybrid approaches like the XDC Network attempt to balance enterprise compliance with EVM compatibility—but interoperability remains an ongoing challenge.

The carbon market’s regulatory bindings also raise questions about validator centralization. Private-proof networks or delegated staking models may ease throughput constraints but risk undermining transparency—critical when environmental impact itself is subject to auditability. Designing for MEV resistance around credit issuance and retirement is yet another engineering minefield, especially when these tokens enter composable DeFi stacks.

Ultimately, the choice of blockchain architecture will deeply influence verifiability, market trustworthiness, and infrastructure resilience. Engineering teams are often forced to prioritize one axis—scalability over decentralization, or composability over security. These decisions will make or break the future interoperability of carbon credits across both private and public registries.

Part 7 will explore how these architectural decisions interface with an even more complex terrain—regulatory enforcement, jurisdictional compliance, and auditability in a space where greenwashing, double-counting, and capital flows introduce legal liabilities.

Part 7 – Regulatory & Compliance Risks

Legal Uncertainty and Regulatory Obstacles: Carbon Credits on the Blockchain Under Scrutiny

The tokenization of carbon credits on public blockchains introduces a layered regulatory complexity that intersects environmental law, financial regulation, and emerging digital asset frameworks. Despite the innovation such projects offer, they currently operate in a fragmented global legal landscape that could significantly impede growth.

One of the most pressing issues is the classification of tokenized carbon credits. In some jurisdictions, these could be seen as commoditized digital assets or utility tokens; in others, they may fall under securities law depending on their structure, tradability, and promise of returns. This uncertainty echoes early DeFi's collisions with regulators, where tokens initially framed as governance mechanisms later attracted securities scrutiny, as seen in the investigations surrounding protocols like MakerDAO (Unpacking the Criticisms of Maker MKR Token).

Moreover, anti-money laundering (AML) and Know Your Customer (KYC) policies are an ongoing compliance battle. Projects enabling peer-to-peer trading of environmental assets without a centralized intermediary face increasing exposure to regulatory pushback, especially from jurisdictions that have grown wary of anonymous asset transfers. The potential to use carbon credits as a proxy for greenwashing or for value laundering creates a regulatory red flag.

Jurisdictional fragmentation exacerbates this issue. The legal recognition of digital carbon credits might be valid in one country but meaningless in another. For globally-coordinated climate initiatives to be effective, a level of international regulatory harmonization is imperative—but that’s far from reality. The potential for overlapping mandates—environmental regulators, financial authorities, and tax agencies each asserting authority—complicates the compliance roadmap for decentralized carbon markets.

Government intervention is another wildcard. State-backed climate programs may begin issuing their own centralized carbon tokens, potentially outlawing or disincentivizing decentralized alternatives. This risk parallels discussions around central bank digital currencies (CBDCs) and how they might displace or sideline private-stablecoin ecosystems.

Adding to the uncertainty, the immutability of blockchains poses a unique challenge. If a credit is issued fraudulently or becomes invalid due to policy shifts, revoking that digital asset across distributed networks may be legally and technically incompatible with existing environmental market regulations that depend on reversibility and centralized certification.

In short, carbon credit tokenization straddles multiple compliance minefields—an uncertain legal category, multi-jurisdictional gridlock, real AML exposure, and technical conflicts with legacy regulatory models.

In Part 8, we will examine how this uncertain compliance terrain could impact capital markets, specifically analyzing the economic implications of integrating tokenized environmental assets into both DeFi ecosystems and traditional finance.

Part 8 – Economic & Financial Implications

Blockchain Carbon Credits: Economic Disruption, Investment Frontiers, and Financial Fault Lines

Tokenized carbon credits on public blockchains are redefining the interplay between environmental assets and decentralized finance. The core premise—turning carbon offsets into programmable, tradeable tokens—introduces a new class of crypto-native assets with real-world implications. But the transformation isn’t frictionless. Market structures, investor risk behavior, and liquidity pathways are all up for renegotiation.

Market Disruption: From Compliance to Speculation

Traditional carbon markets operate under regulatory schemes like cap-and-trade or voluntary frameworks. The introduction of blockchain shifts the center of gravity from compliance-based mechanisms to decentralized, permissionless interrogation of value. This opens carbon credits to the same market dynamics seen in NFTs or yield-bearing tokens—volatility, liquidity mining, and speculative arbitrage become not just possible, but expected.

Protocol-level innovations like dynamic burn mechanisms and regenerative supply curves could manipulate credit scarcity beyond the simple issue-and-retire model, making price discovery unpredictable for institutional buyers. As a result, existing environmental stakeholders—governments, NGOs, and auditors—face obsolescence unless they integrate Web3-native audit functions, such as on-chain proof of offset origin.

Investor Gains... And Exposures

For institutional investors, tokenized carbon represents portfolio diversification with ESG alignment and yield-generation possibilities. Decentralized derivatives markets can build options and futures on carbon pools, introducing leveraged exposure—something not viable in standard offset platforms like Verra or Gold Standard.

Yet the DeFi layer adds unreadable risk profiles for pension funds and traditional ESG-aligned capital. On-chain carbon derivatives could amplify systemic risks: imperfect oracle models reporting flawed emission data, smart contract vulnerabilities draining liquidity, or DAO governance attacks that skew project certification.

Developers, Traders & Protocol Incentives

Developers designing these ecosystems encounter the same coordination paradox visible in DAOs: how do you align economic incentives for sustainability when traders are incentivized to short, flip, or manipulate positions? Unless guardrails are placed within the protocol incentives, gamification of carbon could backfire. This is an unresolved threat, not unlike what some https://bestdapps.com/blogs/news/unpacking-the-criticisms-of-maker-mkr-token observed with DeFi lending mechanics—where value-extractive behavior becomes economically rational.

On the PVP end of the spectrum, carbon credit arbitrage across chains or liquidity pools presents serious alpha opportunities—especially when paired with MEV optimization tools. However, this profitability doesn't necessarily translate to improved environmental outcomes.

The economic tension around tokenized carbon ultimately foregrounds a deeper question: What happens when environmental impact is mediated by speculation, algorithmic governance, and pseudonymous actors? This debate spills directly into the social and philosophical implications of programmable sustainability—the focus of the next section.

Part 9 – Social & Philosophical Implications

Unlocking Market Disruption: Economic and Financial Implications of Blockchain-Based Carbon Credits

Blockchain-based carbon credit systems stand to disrupt legacy financial and environmental markets by dismantling opaque intermediaries and creating a high-frequency, programmable asset class. This disruption is not hypothetical—it directly threatens the role of traditional registries, carbon offset brokers, and auditing firms whose revenue models depend on friction in the credit verification and resale process. The result: margin compression and intensified transparency expectations.

For institutional investors, tokenized carbon credits could evolve from a sustainability checkbox into a tradeable asset class integrated into DeFi protocols. This is functionally similar to tokenized real-world assets (RWAs), extending the application surface of collateralized lending, perpetuals, and carbon-based derivatives. If credits are standardized and on-chain, they could feed into existing DeFi infrastructure—DAOs may soon stake or bond carbon assets. But questions remain: Will these credits be fully fungible across jurisdictions? How do smart contracts enforce regional compliance mandates?

Developers building infrastructure for these markets face a classic dual risk/reward equation. First movers may benefit from protocol-level network effects if liquidity coalesces around their standard or oracle layer. However, the regulatory landmines in certifying and bridging legacy credits are dense. Error propagation through tokenized instruments could create systemic protocol-level liabilities—similar to mispricing in stablecoins or synthetic assets. Developers should recall scenarios explored in https://bestdapps.com/blogs/news/the-unsung-mechanics-of-flash-loans-navigating-decentralized-finances-double-edged-sword, where protocol-level design flaws resulted in cascading market impacts.

For professional traders, tokenized carbon assets are a new volatility surface—likely illiquid, locally correlated, and susceptible to dual-layer arbitrage between listed carbon contracts (e.g., EU ETS) and DeFi-based equivalents. Arbitrageurs could exploit inefficiencies if price oracles diverge from regulated market indices. However, risks include thin order books, protocol-specific exit liquidity (or lack thereof), and regulatory blowback from inadvertently dealing in non-compliant or greenwashed credits.

Emergent carbon credit ecosystems may also attract speculative loops—DeFi primitives incentivizing staking, governance, or LP positions around carbon could mimic liquidity mining dynamics seen in early-stage altcoin economies. The risk here isn't just inflationary pressure; it’s detachment of token value from verified carbon impact. Once speculative mechanisms overwhelm environmental logic, token decay and reputational collapse could follow—especially if scandals around greenwashing or unverifiable credits multiply.

As the tokenization of environmental assets reshapes financial tooling, it also introduces uncharted behavioral and value dynamics. The broader philosophical implications of tying environmental responsibility to on-chain speculative logic will require closer examination.

Part 10 – Final Conclusions & Future Outlook

Beyond the Ledger: Evaluating the Real-World Viability of Carbon Credits on the Blockchain

Carbon credit tokenization on the blockchain holds conceptual allure: turning intangible environmental actions into verifiable, liquid digital assets. But after exploring the layers of technical feasibility, economic viability, and regulatory friction across the previous sections, it’s clear that this use case teeters between disruptive innovation and misaligned incentives.

In the best-case scenario, we might see a robust, composable ecosystem emerge, where carbon credit tokens integrate with DeFi infrastructure, gaining secondary utility as collateral, governance inputs, or programmable offsets across supply chains. Smart contracts could introduce conditional offsets—only releasing credits if on-chain verifiers confirm sustained carbon sequestration. Carbon credit DAOs could self-govern registries, reducing friction and costs compared to centralized certification schemes. There’s precedent for that kind of radical decentralized coordination—see the rise of protocols analyzed in Decoding MKR: The Backbone of MakerDAO.

But the obstacles aren’t theoretical—they’re painfully operational. On-chain carbon credits remain bottlenecked by flawed oracles, fragmented verification standards, and off-chain dependency. Incentives between climate actors and blockchain developers often misalign: one seeks permanence and bio-integrity, the other agility and liquidity. If credits become speculative assets first and environmental guarantees second, the core mission is compromised. The worst-case scenario plays out as a greenwashed DeFi utility—credits depegged from real emissions reductions, traded for margin, and arbitraged across chains with no climate impact. A gravity bridge to nowhere.

Unanswered questions linger and deserve direct acknowledgment. What frameworks will govern the conflict between permanence (a 100-year offset) and the short-termism of DeFi cycles? How do we price regenerative finance (ReFi) assets that cannot exist without ongoing off-chain inputs? And fundamentally—can blockchain offer climate impact without reinventing the verification stack from the ground up?

For this space to scale meaningfully, it’s not just the tech that must mature. Legal clarity around tokenized assets, alignment on global carbon accounting standards, and interoperable data formats for sensor-proof emissions are all prerequisites. Without multi-stakeholder legitimacy—climate scientists, NGOs, regulators—the blockchain tooling alone is insufficient.

And so we’re left with a critical question: Will tokenized carbon credits lead blockchain into new realms of real-world impact, or will they join the ranks of ambitious, over-engineered experiments that never crossed back into reality?

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