VeChain launches blockchain platform to encourage carbon data reporting

The supply chain management platform VeChain announced a new service for merging companies to completely reform their carbon footprint data management practices.

New services, detailed in Medium postal On August 26, the decentralized ledger technology was combined with the software as a service (SaaS) business model.

The digital carbon footprint SaaS service “allows corporate users to record critical data and integrate it with the world’s leading third-party assurance providers in the VeChain partner network. These data can then be transformed into new value and improve the sustainability of the entire organization Performance.”

In the announcement, VeChain listed the obstacles to trust and transparency in the traditional supply chain when collating the company’s carbon emissions data. The public blockchain solves this problem and provides transparent accountability for all layers of the supply chain network:

“VeChain’s blockchain-based digital carbon footprint SaaS service provides any company with a comprehensive and scalable platform to better calculate, track and report on carbon emission reduction plans throughout the value chain.”

Alexandre Gellert Paris, deputy project officer of the United Nations Framework Convention on Climate Change, recently pointed out that “blockchain helps increase stakeholder participation, transparency and participation, and helps to bring trust and further innovative solutions to address climate change. Programs to improve climate action.”

As the world’s largest carbon emitter, China can play an important role in advancing future technologies to support international climate treaties such as the Paris Climate Agreement.

President Xi Jinping’s recent 14th Five-Year Plan outlines active efforts to push the world’s largest economy onto a low-carbon track, with the goal of reaching its emission peak by 2030 and achieving carbon neutrality by 2060 by this year.

In the past year, China has strived to become a major player in the cryptocurrency industry and implemented a series of regulatory policies From trading activity to Bitcoin mining Aims to reduce the impact of the market on its population.

Related: China’s Bitcoin mining ban is a “game changer” adopted by electric vehicles

After cracking down on Bitcoin mining, Guizhou Province was able to use 50 terawatt-hours of huge power to implement climate-centric initiatives, such as installing 38,000 electric vehicle charging points by 2023.

Beijing is also following a similar route, with the goal of 60% of the country’s vehicles being powered by non-fossil fuels by 2030. According to forecasts, this exceeds the US goal of 50%.