VeChain, a supply chain management platform, has launched a new blockchain initiative tool that will help organizations combine their carbon footprint data management procedures.
The new service combines decentralized ledger technology with a software-as-a-service (SaaS) business model, according to a Medium post published on Thursday.
The Digital Carbon Footprint SaaS Service “allows enterprise users to log critical data and link it with VeChain’s partnership network of world-leading third-party assurance providers.”
This data can then be turned into new types of value and used to improve an organization’s overall sustainability performance.”
When compiling organizations’ carbon emissions data, VeChain identified trust and transparency issues in traditional supply chains as impediments.
This challenge is solved with a public blockchain, which provides visible accountability for all layers of the supply chain network:
“VeChain’s blockchain-based Digital Carbon Footprint SaaS Service provides a comprehensive and scalable platform for any enterprise to be able to better calculate, track and report their carbon reduction initiatives across the entire value chain.”
“Blockchain can contribute to greater stakeholder involvement, transparency, and engagement and help bring trust and further innovative solutions to the fight against climate change, leading to enhanced climate action,” Alexandre Gellert Paris, associate program officer at the United Nations Framework Convention on Climate Change, recently stated.
Carbon emission and Bitcoin Mining
China, as the world’s largest emitter of carbon dioxide, has a critical role to play in developing future technologies to support international climate accords like the Paris Climate Agreement.
President Xi Jinping’s last five-year plan, the 14th of its type, described an aggressive push to transition the world’s largest economy to a low-carbon path, with targets to peak emission output by 2030 and reach carbon neutrality by 2060.
Over the last year, China has worked hard to establish itself as a significant participant in the cryptocurrency business, enacting a slew of regulations ranging from trading activity to Bitcoin mining with the goal of limiting the market’s impact on its citizens.
Following a crackdown on Bitcoin (BTC) mining, Guizhou province was allowed to use its massive 50 terawatt-hours of electricity to pursue climate-related measures including establishing 38,000 electric vehicle charging stations by 2023.
Beijing is taking a similar path, aiming for non-fossil fuels to power 60 percent of the country’s vehicles by 2030. According to predictions, this exceeds the 50 percent target set by the United States.
