VeChain has unveiled a new blockchain effort aiming to assist businesses in tracking and reporting their carbon dioxide emissions data openly and transparently.
VeChain is a supply chain management platform. It introduced a new tool that will allow organizations to combine their efforts to alter their carbon footprint management procedures.
Furthermore, the new program disclosed in a medium post published on Thursday. It integrates decentralized ledger technologies with a software-as-a-service (SaaS) business model to create a new type of cloud computing service.
According to its website, this SaaS service enables enterprise users to log essential data and connect it to world-class third-party assurance providers in VeChain’s partnership network. It can convert data into new sorts of value, which can ultimately improve sustainability performance across an enterprise.
VeChain acknowledged difficulties in establishing trust and openness in traditional supply chains when compiling data on carbon emissions from enterprises. A public blockchain provides a solution to this challenge by ensuring visible accountability at all levels of the supply chain network.
VeChain’s blockchain-based Digital Carbon Footprint SaaS Service provides a complete and scalable platform for any organization. In order to compute reasonably, trail, and declare their carbon reduction actions across the whole value chain, says the company.
Solutions to Climate Change Struggle
An associate program officer of UN Framework Convention on Climate Change recently indicated that blockchain might increase stakeholder involvement, transparency, and engagement. This happens while fostering trust and constant innovation in climate change mitigation. He also suggested that blockchain might increase stakeholder participation, openness, and involvement, bringing optimism and fresh solutions to the climate change struggle.
As the most significant producer of carbon dioxide emissions, China has a vital function in growing tomorrow’s technology. They help international environmental treaties such as the Paris Climate Agreement, which is currently in effect.
On the other hand, Chinese President Xi Jinping recently released his country’s 14th five-year plan. It laid out an aggressive attempt to shift the biggest economy in the world onto a low-carbon trajectory. This includes ambitions to raise emission results by 2030 and achieve carbon neutrality by 2060.
China has worked diligently over the last year to establish itself as a prominent player in the cryptocurrency industry. It enacts a plethora of regulatory measures ranging from trading to Bitcoin mining. All of which are aimed at limiting the market’s influence on the countries populous.
Because of the government’s ban on Bitcoin (BTC) mining, the Guizhou state has been able to take advantage of the state’s massive 50 terawatt-hours of power to push climate-friendly projects such as establishing 38,000 electric vehicle charge sites by 2023.
Similar goals were set by the Chinese capital. It wants to see nonfossil fuel-powered vehicles powering 60 percent of the country’s fleet of cars by 2030. Projections indicate that this exceeds the 50 percent target set by the United States of America.