VeChain (VET) – currently deemed as the 17th most well-known cryptocurrency in terms of market capitalization – has made known about their latest blockchain initiative that is said to facilitate firms in keeping an eye on their carbon emissions. Moreover, it is said to also help these companies in somewhat patching up their carbon footprint data management processes.
Digital Carbon Footprint Service
This new service from VeChain was recently posted on their website as they stated that it fuses decentralized ledger technology to a software-as-a-service (Saa) business model. This so-called Digital Carbon Footprint Service enables users from an enterprise to enter important information that would, later on, be integrated to “world-leading” third-party assurance providers that are under the management of VeChain’s partnership network.
Solving distrust issues
Within their post, VeChain also highlighted the pervasive issue of distrust in carbon emissions data including the lack of transparency. They (VET) noted that it is a requisite that both their mainstream counterparts and brands abide by what they call green protocols adding that they should report emissions data as part of their ongoing operations.
Sadly, not all of the data can be proven true or even independently verified hence the above-mentioned obstacle.
VeChain pointed out that public blockchain gives an “elegant solution” to such an issue and when combined with IoT tech and data quality assurance services, eventually addresses the obstacle of “trustlessly collecting” carbon emissions data from the numerous participants of the supply chain.
In line with this, United Nations Framework Convention on Climate Change Associate Programme Officer Alexander Gellert Paris noted that blockchain can contribute to greater stakeholder involvement, engagement, and transparency and facilitate in bringing trust and more innovative solutions to the fight against climate change, that according to Paris would lead to enhanced climate action.
Elephant in the room
China was also mentioned at the beginning of VeChain’s post since it’s the nation with the most massive carbon emissions. Additionally, it was stated that it’s arguably facing the greatest challenge yet, having vowed to reach net-zero emissions by 2060, with carbon emissions peaking no later than 2030. Further, if the country’s so-called 14th five-year-plan is anything to go by, there’s very little room for emissions increases from the levels as of late to 2025.
China – over the past year – has grown to become a major player in the industry of cryptocurrency, putting up and enacting several regulatory policies one of which is bitcoin (BTC) mining with the intention of curtailing the influence of the market on its population.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.