VeChain Global Technology (VET) has secured a patent for a groundbreaking system designed to revolutionize carbon emission recording and trading. This win marks a significant milestone in VeChain’s commitment to environmental sustainability and highlights the potential of blockchain technology to tackle global challenges.
VeChainThor’s Eco-Friendly Credentials
VeChain’s dedication to environmental responsibility is well-documented. In 2022, VeChainThor achieved an exceptionally low carbon footprint of 4.46 t CO2e/year, translating to a mere 0.000216 kWh of electricity per transaction. This accomplishment underscores VeChain’s dedication to building a sustainable and eco-friendly blockchain ecosystem.
The newly-approved patent application, filed with the U.S. Patent and Trademark Office (USPTO) in 2021, details a comprehensive system for recording and trading carbon emissions. As outlined in the patent document, VeChain’s solution aims to address the critical issue of greenhouse gas emissions, a primary driver of global warming.
The proposed method offers a secure and tamper-proof platform for enterprises to manage their carbon footprint. This system facilitates the recording of carbon emission data, eliminating the potential for confusion often associated with traditional methods. Additionally, the involvement of third parties becomes unnecessary, streamlining the process and enhancing data integrity.
Transforming Carbon Data into Tradable Assets
VeChain’s patent delves into the technical aspects of data collection and conversion. The system gathers data related to carbon behavior of various objects, transforming it into corresponding carbon data points. This information is then securely stored on a blockchain platform, enabling subsequent trading as a verifiable transaction.
The patent provides an illustrative example: data on the electricity consumption of an electric vehicle (EV) with a unique identifier (ID). This data can be compared to traditional combustion engine vehicles, establishing a “baseline carbon emission amount” (BE). The system, powered by smart contracts, incentivizes EV owners to maintain their BE below average, potentially earning them carbon credits linked to their unique ID.
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These carbon credits, along with the unique ID, are then registered on the blockchain as a transaction. The system can further facilitate the purchase of goods and services using these carbon credits, all managed through secure smart contracts. For enhanced security, the carbon emission values are hashed before transmission and storage on the blockchain.
A Pioneering Approach to Carbon Management
VeChain’s patent signifies a significant leap forward in the fight against climate change. By leveraging blockchain technology, VeChain offers a transparent, secure, and efficient system for recording and trading carbon emissions. This innovation has the potential to streamline carbon management practices, incentivize emission reduction efforts, and ultimately contribute to a more sustainable future.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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