VeChain has announced it will introduce a service that monitors companies’ carbon footprint. It combines the efficiency of blockchain technology and the convenience of the “software-as-a-service” (SaaS) business model.
The service, which is called The Digital Carbon Footprint Service, enables companies to log carbon-related data and integrate it with the highly-secured assurance providers in VeChain’s network.
The aggregated data can provide a bird’s eye view of how the companies in various parts of the world contribute to the globe’s carbon footprint. The combined data can also be used to formulate new solutions on how to combat the excessive production of C02 and better protect the environment.
Scalable platform
“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,” VeChain said.
According to Alexandre Gellert Paris, United Nations Framework Convention on Climate Change’s associate program officer, blockchain has a massive benefit to better monitor carbon emissions.
He added that blockchain tech can facilitate a higher level of transparency and can result in the formation of more efficient solutions to fight climate change.
Biggest carbon producer
With the world’s battle against climate change, China will play a big role in this ongoing fight as it is currently the biggest carbon producer in the globe.
To affirm its commitment to this fight, Chinese President Xi Jinping has outlined a five-year plan to drastically reduce the country’s carbon emissions. He even announced China’s ambitious goal to be a carbon-neutral nation in the year 2060.
China is certainly big in a lot of ways, primarily in economic power, and yes, including carbon emissions. It was also a big player in cryptocurrency back then, but it deliberately reduced its big role in the crypto space by cracking down on crypto-related transactions throughout country.
Image courtesy of Cointelegraph News/YouTube
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