The supply chain management platform hopes the new carbon measurement tool will make it easier and cheaper for businesses to work together to provide accurate data.
Supply chain management platform VeChain is targeting questionable carbon footprint measurement with a new tool that uses blockchain technology to make independent verification easier and more accurate.
VeChain’s Digital Carbon Footprint SaaS works provides companies up and down enterprise supply chains with an easy-to-use platform that not only records pollution output but links the data to third-party firms and organizations that make sure the reports are accurate.
Using a public blockchain and internet-of-things (IoT) technology to record this information at every step of the way from manufacturer or producer to customer, the software-as-a-service platform will connect “with world-leading third party assurance providers within VeChain’s partnership network,” the VeChain Foundation said.
A Growing Issue
That’s becoming a bigger business problem as consumers pay more attention to their own carbon footprints, and how the companies they buy from affect that — as Elon Musk’ rapid backtrack on Tesla accepting Bitcoin in payment shows.
The VeChain Foundation cited United Nations Framework Convention on Climate Change representative Alexandre Gellert Paris, who said “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.”