BitBhoomi: Democratizing the Sustainability Sector & Carbon Trading Using Blockchain

[GENERAL] Name and surname of main applicant

Nikhil Goyal

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Co-proposers and additional applicants

1. Anthony Raj
2. Alejandro Giuffrida

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

7

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

BitBhoomi uses Blockchain Technology, Satellite Mapping & AI to ensure integrity & transparency. Further, it resolves funding & incentivization issues through tokenization & carbon credit generation.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

BitBhoomi has third-party integrations for satellite mapping

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs

We have opted to keep our project closed source because we aim to maintain the exclusivity and specificity of our project within our business framework. By keeping our project proprietary, we will focus on developing unique features and functionalities tailored specifically to our business objectives and target audience. This approach allows us to safeguard our intellectual property and maintain a competitive edge in the market, ensuring that our innovations remain distinctive and valuable within the industry landscape.

[METADATA] SDG rating

SDG Goals

8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

11 - Make cities and human settlements inclusive, safe, resilient and sustainable

13 - Take urgent action to combat climate change and its impacts

15 - Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

[SOLUTION] Please describe your proposed solution

BitBhoomi, an innovative blockchain-powered platform, stands at the forefront of addressing the various limitations that hinder present-day reforestation efforts. It aims to revolutionize the ongoing tree-planting initiatives by infusing transparency, traceability, and accessibility into every aspect of the process. It serves as a bridge, connecting passionate individuals and organizations with impactful reforestation projects worldwide. At its core, BitBhoomi aims to democratize the tree-planting process, making it accessible to everyone. What sets BitBhoomi apart are its unique offerings:

1. Digital Monitoring, Reporting, and Verification (DMRV): BitBhoomi integrates cutting-edge technology to ensure transparency and accountability in tree-planting campaigns. Through DMRV, users can track the progress of plantation projects, verify the impact, and generate comprehensive reports detailing the environmental outcomes of each campaign.
2. Donations and Investments: BitBhoomi allows users to contribute to tree-planting initiatives through donations or investments. Whether individuals seek to support environmental causes altruistically or wish to explore investment opportunities with potential financial returns, BitBhoomi accommodates both objectives.
3. Tokenization: One of the standout features of BitBhoomi is its tokenization mechanism. Enabling conversion into digital tokens allows users to seamlessly engage in the platform's ecosystem while gaining ownership stakes in reforestation projects.
4. Carbon Credits Generation: BitBhoomi harnesses the environmental impact of tree-planting initiatives by generating carbon credits. Through the growth and maintenance of planted trees, users contribute to carbon sequestration, offsetting carbon emissions and combating climate change.
5. NFT Marketplace: BitBhoomi also features an NFT marketplace where users can buy, sell, and trade their Ownership NFTs representing proof of investment in the plantation campaigns. This adds another layer of engagement and ownership for users while potentially increasing the platform's funding capabilities by selling these digital collectibles.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

The success of our project will provide significant value to the Cardano Community by showcasing the blockchain's capacity to host impactful climate initiatives. It will instill pride in the community to have such environmentally conscious projects running on the Cardano blockchain. 

We will measure the impact of our project by tracking the number of trees onboarded onto our platform and the carbon credits generated. These metrics serve as tangible indicators of our environmental contributions, demonstrating the positive influence of our project on forest restoration and carbon sequestration. 

We will share project outputs and opportunities through a user-friendly dashboard. This dashboard will offer transparent data on trees onboarded and carbon credits generated, enabling stakeholders to monitor progress in real time. Additionally, we will engage with the community through various channels, ensuring widespread awareness and participation in our sustainability efforts.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

The parent company, 'Beyond Imagination Technologies,' was established in 2021 with a clear mission: to address real-world challenges by leveraging innovative solutions powered by revolutionary blockchain technology. Since our inception, we have been dedicated to creating impactful solutions that make a difference.

One of our notable projects is the 'Veterans Connect' app, developed for the Indian Army. This app aims to bridge the communication gap between the army headquarters and its geographically dispersed veterans, ensuring seamless connectivity and support for our esteemed servicemen.

In addition, we have also developed a decentralized community-based news-sharing app for a prominent media house. This platform empowers citizens to freely share sensitized news and become citizen journalists, thereby fostering a more inclusive and participatory media landscape.

Our core team comprises seasoned professionals with over 25 years of combined experience across various domains including sustainability, technology, and research. This wealth of expertise gives us a distinct advantage in driving innovation and excellence within the sector.

To ensure trust in the management of funds, we prioritize transparency and accountability through rigorous processes. Our approach includes transparent fund deployment, where we provide clear documentation of how funds are allocated. Additionally, we commit to bi-weekly updates on project progress, sharing comprehensive insights into milestones achieved and future plans. We implement robust financial controls to safeguard funds, including clear procedures for budgeting and expense approval, alongside regular audits. Moreover, we actively engage stakeholders to solicit feedback and address concerns, fostering an open dialogue to reinforce confidence in our ability to manage funds responsibly.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Testnet implementation: Set up and configure the platform on the testnet environment. 

2 months

Conduct thorough testing and validation of functionality and performance. 

1 month

End-To-End Testing:

-Conduct simulated real-world usage scenarios to ensure seamless operation. 

-Identify and address any bugs or issues to ensure platform stability and reliability.

2 months

Mainnet launch and testing:

-Deploy the platform to the mainnet environment.

-Conduct comprehensive testing to verify performance and security.

1 month

Make the platform available for public use, ensuring user confidence in its features and functionality.

1 month

[RESOURCES] Who is in the project team and what are their roles?

1. Nikhil Goyal, Founder & CEO, linkedin.com/in/nikhil-goyal-075aa77
2. Anthony Raj, Co-Founder & CTO, linkedin.com/in/anthony-raj-84a3b741/
3. Alejandro Giuffrida, Co-Founder & COO, linkedin.com/in/alejandrogiuffrida/

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

Budget Breakdown (ADA 300,000)

1. Project Management (20%- ADA 60,000):

   - Oversight and coordination of project activities, including planning, scheduling, and resource allocation.

2. Development (30% - ADA 90,000):

   - Platform enhancements, bug fixes, and new feature implementations.

3. Marketing and Promotion (15% - ADA 45,000):

   - Promotional activities to increase platform visibility and user engagement.

4. Operations (10% - ADA 30,000):

   - Covering operational costs, including hosting fees, customer support, and administrative expenses.

5. Documentation and Reporting (10% - ADA 30,000):

   - Creation of project documentation, reports, and user guides.

6. Legal Services (5% - ADA 15,000):

   - Legal support for regulatory compliance, contract drafting, and intellectual property protection.

7. Third-Party Integration (10% - ADA 30,000):

   - Integrating third-party services for satellite mapping, land data visualization, and analysis.

8. Contingency (5% - ADA 15,000):

   - Reserve funds for unforeseen expenses and contingencies during project implementation.

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

While the costs may appear high, they are justified by the complexity and scale of our initiative aimed at addressing critical environmental challenges. Our budget allocation is based on thorough research and analysis, considering factors such as market rates, project scope, and the expertise required to execute the project successfully. We have benchmarked our costs against industry standards and consulted with experts to ensure that they are reasonable and proportional to the value delivered. Additionally, our team is committed to maximizing efficiency and minimizing waste to optimize the use of resources and maximize the impact of every dollar spent. Ultimately, the value of our project lies not only in the immediate outputs but also in the long-term benefits it brings to the Cardano ecosystem, including environmental sustainability, community engagement, and technological innovation.