VeChain, a leading blockchain technology company, has announced that its Carbon Trading Patent application has been approved by the U.S. federal agency Patent and Trademark Office (USPTO). This patent application highlights VeChain’s commitment to addressing global warming challenges through the implementation of carbon emission technology.
VeChain’s dedication to environmental efficiency has been highly recognized, especially after its VeChainThor platform achieved an impressively low carbon footprint of 4.46 t CO2e/year in 2022. This translates to a mere 0.000216 kWh of electricity per transaction, showcasing VeChain’s unwavering commitment to sustainability.
Three years ago, VeChain submitted a patent application to the USPTO, seeking to register methods, devices, blockchain nodes, and a system for carbon recording and trading. Finally, after a long wait, the USPTO has granted approval for this application, as confirmed in a post shared on its official X handle.
The journey to success is paved with hard work, determination, and innovative breakthroughs. At VeChain, we take pride in embodying all three qualities abundantly. From carbon markets to supply chains to energy systems, blockchain technology has the power to disrupt multiple industries. The future is bright for VeChain (VET).
According to the attached document submitted to the USPTO, VeChain emphasized that greenhouse gases are the primary cause of global warming, necessitating the implementation of carbon emission technology. The proposed method aims to create a trustworthy and tamper-proof platform that enables enterprises to store their carbon emission data. Importantly, this approach aims to reduce confusion in carbon records without relying on third-party intervention.
The patent offers a solution to the challenges posed by carbon emissions. The document reveals that one of the approaches outlined in the patent involves collecting data on the carbon behavior of various objects. This data is then converted into corresponding carbon data and stored on a blockchain-based platform for trading purposes.
For example, data on the amount of electrical energy consumed by an electric vehicle, which has a unique ID, can be compared to the data generated by combustion engine vehicles to determine a “baseline carbon emission amount” (BE). By running a smart contract on the blockchain platform, vehicle owners are incentivized to keep their carbon emissions below the average to receive credits linked to their unique ID.
The carbon credit and unique ID are then recorded as a blockchain transaction. When a request to purchase a good or service with the carbon credit is received by the blockchain node, at least one smart contract executes the transaction accordingly.
To ensure the safe storage of carbon emission values, they are attached as hashed values and transmitted to the blockchain via a Hash operation.
At the time of writing, VET is trading at $0.034, experiencing a decline of 3.6% in the last 24 hours, 18% in the last 30 days, and 20% in the last 90 days.
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