- VeChain(VET) Global Technology has received a patent with the USPTO for a blockchain-based system to record and trade carbon emissions.
- The patent promises a secure, tamper-proof solution to help enterprises manage and reduce their carbon footprints.
VeChain Global Technology, a pioneer in blockchain technology, has recently received a filed patent with the U.S. Patent and Trademark Office (USPTO) for a revolutionary system designed to tackle carbon emissions. The patent, approved earlier this month introduces methods and devices that aim to record and trade carbon data efficiently and securely using blockchain technology.
According to the USPTO document, the patent application lists Jianliang Gu, Xinli Tian, and Ziheng Zhou, VeChain’s Chief Technical Officer (CTO), as the inventors. The proposed system involves collecting data on carbon behavior from various objects and converting it into corresponding carbon data. This data is then securely stored on a blockchain platform for future transactions.
For instance, an electric vehicle equipped with a unique identifier could transmit data on its energy consumption, which is then compared to that of traditional combustion engine vehicles to determine baseline carbon emissions. Through smart contracts on the blockchain, vehicle owners can be incentivized to maintain emissions below average to earn credits, which are tied to their vehicle’s ID and stored securely as blockchain transactions.
VeChain’s (VET) initiative aims to combat global warming by providing a trustworthy, tamper-proof platform for enterprises to manage and record their carbon emissions without relying on third-party intervention. The patent emphasizes the importance of reducing greenhouse gases, asserting that their system will help implement and securely manage “carbon emission technology.”
The system leverages IoT sensors within vehicles to collect emission data, which is then transmitted to blockchain nodes via onboard computing devices. The data is hashed and securely stored on the blockchain, ensuring its integrity and accessibility for future carbon credit transactions.
At the time of writing, VeChain’s token coin trades at $0.0347, marking a 1.7% loss in the daily chart. However, the weekly and monthly charts show a significant profit of 23.9% and 125%, respectively. Analysts suggest that a candle close above the $0.0347 mark could lead to further gains and potentially new price highs.
VeChain Global Technology’s commitment to reducing carbon emissions through innovative blockchain solutions highlights its leadership in sustainable technology. By providing a secure and credible method for recording and trading carbon data, VeChain(VET) aims to streamline carbon offsetting efforts across various industries, fostering a more sustainable future.
In conclusion, VeChain’s new patent represents a significant step forward in the fight against climate change. By implementing blockchain technology to manage carbon emissions, VeChain Global Technology not only provides a secure solution for enterprises but also encourages a global shift towards more sustainable business practices. As the market awaits further developments, VeChain continues to demonstrate its commitment to environmental responsibility and innovation in blockchain technology.