Enterprise-Grade blockchain solution provider VeChain creates new products for China’s digital carbon emission market

August 27, 2021

VeChain, with its enterprise-grade public blockchain technology, is seizing the opportunity to play a crucial role in China’s carbon reduction ambitions, according to a statement.

VeChain’s brand new Digital Carbon Footprint SaaS Service is a powerful, rapidly deployable tool, enabling enterprises of all sizes to re-engineer their carbon footprint data management practices. This new offering is also the first of its kind to benefit from the combination of decentralized ledger technology and an SaaS business model.

The increasing impact of greenhouse gases on the atmosphere and their perturbation of the climatic order are calling for a major overhaul in how humanity goes about emissions reductions. All countries and industries now face tough targets for reducing atmospheric pollution.

China is arguably facing the greatest challenge of all, having vowed to reach net-zero emissions by 2060, with carbon emissions peaking no later than 2030. As per the targets laid out in China’s 14th five-year plan, there is very little room for emissions increases from current levels out to 2025.

Brands and their upstream counterparts must abide by ‘green’ protocols and report emissions data as part of their ongoing operations. Unfortunately, not all data can be proven legitimate or be independently verified and so there is a pervasive issue of distrust in data as well as a lack of transparency.

Public blockchain provides an elegant solution to this problem and, when combined with IoT technologies and data quality assurance services, neatly addresses the challenge of trustlessly collecting carbon emissions data from the many participants of a supply chain.

Alexandre Gellert Paris, Associate Programme Officer at UNFCCC noted that: “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.”

Supply chains are team efforts by their very nature, just as interconnectedness is a core function of blockchain. VeChain’s Digital Carbon Footprint SaaS Service allows enterprise users to log key data and integrate it with world-leading third-party assurance providers within VeChain’s partnership network. This data can then be later transformed into new kinds of value and improve sustainability performance across the entirety of an organization.

The world is digitizing, and decision-making is becoming ever more data-driven. The digitalization of carbon is no exception. 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.

 

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