VeChain Introduces A Blockchain – Based Platform

VeChain has introduced a new blockchain initiative meant to help businesses disclose their carbon emissions data. A supply chain management platform known as VeChain has introduced a new tool to help companies coordinate their efforts to change their carbon footprint data management practices.

A new service that uses a decentralized ledger approach to manage data while also taking advantage of the SaaS business model was detailed in a Medium blog published on Thursday.

Digital Carbon Footprint SaaS Service, which the company says is “allowing corporate users to log critical data and connect it with world-leading third party assurance providers inside VeChain’s partnership network,” promises to make use of blockchain technology to mitigate the corporate digital carbon footprint.

It is possible to utilize this data to create new forms of value that can subsequently be used to enhance sustainability performance throughout a company. VeChain cited trust and transparency issues when they gathered carbon emissions data from companies in traditional supply chains.

A public blockchain can address this problem by guaranteeing that all layers of the supply chain network are visibly accountable, and states the following: The VeChain-developed Digital Carbon Footprint SaaS Service offers a full and scalable platform for any organization to more precisely calculate, track, and report their carbon reduction actions across the supply chain.

Alexandre Gellert Paris, United Nations Framework Convention on Climate Change Association Program Officer, said recently that “Blockchain might contribute to better stakeholder participation, transparency and involvement and assist to build confidence and develop creative climate change solutions.

He furthermore said that “blockchain may assist provide confidence and develop creative ideas to the battle against climate change, leading to increased climate action.” China, as the world’s largest carbon emitter, has a vital role to play in creating the technologies of tomorrow, which will help the international community meet the climate commitments outlined in the Paris Climate Agreement, presently being negotiated.

The Chinese government just launched its 14th five-year plan, which targets a strategy to transition their economy towards a lower-carbon path. They hope to peak their emissions by 2030 and become carbon neutral by 2060.

China has dedicated a year to ensure that it is a significant participant in the cryptocurrency market by putting in place a range of regulatory measures that include cryptocurrency trading and Bitcoin mining, all to keep the market’s influence on the country’s citizens to a minimum.

The Guizhou province has been able to put the state’s huge 50 terawatt-hours of power to use to promote environmentally friendly initiatives, such as building 38,000 electric car charging stations by 2023. The Chinese government aims to have 60% of its vehicles run on non-fossil fuels by 2030, a target equal to the US’s goal of 60% by 2035.

A review of the forecasts predicts that the United States will achieve its 50% goal.