Vechain (VET), the project that focuses on the business world and easy-to-integrate blockchain platforms for it, has had a hugely successful year so far.
Price record after price record was set and vechain has been more than 1,000% in the plus since the beginning of 2021.
There is another interesting new development regarding VeChain. According to the company, global warming is the result of greenhouse gas emissions, the main gas being carbon dioxide. VeChain has therefore found a new way to reduce the emission of such greenhouse gases. On April 22 this year, VeChain Global Technology filed for a new patent with the US authorities, the Patent and Trademark Office (USPTO). This application states, among other things, that VeChain wishes to realize a form of “carbon registration”.
What exactly do these plans from VeChain entail? The document describes how this process would work. There is talk of a method to register the carbon properties of various objects and convert them into data on the blockchain and a system to make carbon emissions more transparent for companies.
In practice, this means that, for example, an electric car is registered how much carbon it emits. This can then be compared to a car with a standard combustion engine to establish a baseline emission level. By using smart contracts on the blockchain network, this can ensure that the owner of the electric car is stimulated to keep the emissions of this car lower than the baseline emission level. This is because a so-called carbon credit will be linked to such a good. The lower the emissions, the higher the carbon credit.
This new system from VeChain can also provide more insight into the precise greenhouse gas emissions of these companies in a safe and reliable way. According to VeChain, this will bring much-needed clarification in this area.