VeChain has introduced a new blockchain initiative designed to assist businesses in openly track and report their carbon emissions data.
Supply chain management platform VeChain announced a new service for combining businesses to overtake their carbon footprint data management practices.
The new service, detailed in a Medium post on Aug. 26, combines decentralized ledger technology with a software-as-a-service (SaaS) business model.
The Digital Carbon Footprint SaaS Service “allows enterprise users to log key data and combine it with world-leading third-party assurance providers within VeChain’s partnership network. This data can then be later transformed into new sorts of worth and enhance sustainability efficiency throughout the entirety of an organization.”
In the announcement, VeChain cited obstacles with belief and transparency in traditional supply chains when collating companies’ carbon emissions data. A public blockchain solves this problem, offering clear accountability for all layers of the supply chain network:
“VeChain’s blockchain-based Digital Carbon Footprint SaaS Service offers a complete and scalable platform for any enterprise to have the ability to better calculate, monitor and report their carbon reduction initiatives throughout the whole worth chain.”
Alexandre Gellert Paris, associate program officer at United Nations Framework Convention on Climate Change recently noted that “Blockchain can contribute to higher stakeholder involvement, transparency and engagement and assist bring trust and additional revolutionary options to the fight towards climate change, resulting in enhanced climate motion.”
Because the globe’s largest producer of carbon emissions, China has an instrumental function to play in advancing technologies of tomorrow to support international climate treaties such because the Paris Climate Agreement.
President Xi Jinping’s recent five-year plan — the 14th of its variety — outlined an aggressive effort to maneuver the world’s largest economic system onto a low-carbon trajectory, with targets to peak emission output before 2030, as well as achieve carbon neutrality earlier than the year 2060.
Over the past year, China has diligently devolved as a serious participant within the cryptocurrency trade, implementing a bunch of regulatory insurance policies from trading activity to Bitcoin mining which goals to curtail the effect of the market on its inhabitants.
Following the crackdown on Bitcoin mining, Guizhou province was able to capitalize on the colossal 50 terawatt-hours of electricity to pursue climate-centric initiatives such as putting in 38,000 electric vehicle charging points by 2023.
Beijing can also be following an identical route, aiming for 60% of the nation’s vehicles to be powered by non-fossil fuels by 2030. On the basis of projections, this beats the USA target of 50%.