VeChain Carbon Footprint Tool Adds Trust to Pollution Reporting
Market Musings

VeChain Carbon Footprint Tool Adds Trust to Pollution Reporting

By Leo Jakobson
1mo ago
2m

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.

VeChain Carbon Footprint Tool Adds Trust to Pollution Reporting

Table of Contents

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.

Bitcoin and Ethereum are hugely polluting, something that is causing growing political trouble for the industry. Treasury Secretary Janet Yellen recently highlighted that in her confirmation hearings, linking Bitcoin to pollution as well as crime.
In an Aug. 25 Medium post, the VeChain Foundation said that a big problem with carbon footprint reporting is that “not all data can be proven legitimate or be independently verified and so there is a pervasive issue of distrust in carbon emissions data as well as a lack of transparency.”

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 new service is targeting China first. The country’s new battle against pollution — it has some of the worst in the world — was a big factor in China’s recent ejection of all power-draining crypto mining farms.

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.”