With the help of the Chinese cryptocurrency VeChain and their new blockchain technology, businesses are encouraged to track and report their carbon emissions. With the growing importance for the environment, the carbon emissions of supply chain companies are a huge problem in the world. During the recent ‘China International Fair for Trade in Services 2021’, PwC China presented its digital service platform Air Trace. Throughout the show, they stated that Air Trace is powered by the cryptocurrency VeChain. The so called “supply chain cryptocurrency” VeChain has announced the new service for combining businesses to overhaul their carbon footprint data management practices as well.
The way the technology works is that VeChain launches a new Software-as-a-service (SaaS) business model called “The Digital Carbon Footprint” and it enables customers to log key data and integrate it with world-leading third-party assurance providers within VeChain’s blockchain network. The key data can be used to improve sustainability performance across the supply chain companies.
A problem for this important and confidential carbon emission data is trust and transparency. The public blockchain of VeChain solves this problem by providing transparent accountability for all layers of the supply chain network.
Alexandre Gellert Paris, associate program officer at United Nations Framework Convention on Climate Change, recently 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.”
Last year, China has actually devolved as a big player in the cryptocurrency market by introducing a lot of regulations for Bitcoin, for mining to trading and for other cryptocurrencies as well. VeChain however is getting support, maybe because of their Chinese nature.
This initiative by VeChain is another step in China trying to lower his carbon emissions, as they are the worlds largest polluters. China has an important role in new technologies to support international climate actions and this initiative of PwC China and VeChain is one of them to get insights into the consumption of supply chain companies.
China News Report: PwC’s Low-Code Digital Service Platform ‘Air Trace’ Powered by VeChain. (2021, 6 september). VeChain Foundation. https://vechainofficial.medium.com/?p=fdfb407db894
Farren, T. (2021, 26 augustus). VeChain launches blockchain platform to encourage carbon data reporting. Cointelegraph. https://cointelegraph.com/news/vechain-launches-blockchain-platform-to-encourage-carbon-data-reporting
