VeChain is first-to-market with a critical technology in support of global decarbonisation efforts in multiple industries with VeCarbon.
Applications of blockchain technology are almost limitless. In any scenario where multiple parties need to share data, blockchain can enhance trust and drastically increase efficiency.
One of the most relevant areas of application is within carbon emission data management; an area rife with opacity and one that requires international cooperation on a scale never before seen. VeChain built VeCarbon, a blockchain-based carbon emission data management SaaS platform on the VeChainThor public blockchain to tackle this exact issue.
VeCarbon’s mission is to deliver transformative solutions for reigning in carbon emissions using the power of public blockchain. We’re excited to be able to formally introduce VeCarbon today, the future of digital carbon emission data management.
VeCarbon empowers enterprises with next generation digital tools to help them quantise and informatize carbon emissions data. VeCarbon greatly enhances the carbon management capabilities of businesses and allows for precise, targeted reduction efforts, helping enterprises achieve their low carbon aims.
The VeCarbon SaaS platform has recently begun operating across multiple industries including chemical, building materials, food and beverage, paper, transportation and more. It creates a number of new possible application scenarios for governments and enterprises such as carbon footprint calculation, visualisations of a product’s carbon footprint and new financial services in carbon markets. We see many exciting applications ahead for this transformative technology.
VeCarbon recently became available to the market. In the lead up to launch, a series of use cases were carried out to demonstrate the efficacy of its solutions — we shared some of those details below.
The Carbon Emission Management SaaS platform has built-in compliance with China’s national emission accounting methodology and modifiable preset parameters covering 24 major industries. These can be easily modified to suit any level of need or to ensure compliance with other legal jurisdictions. The software quickly performs a variety of carbon inventory calculations and outputs compliant, officially recognised GHG emission reports with a single click.
POC: A supply chain carbon emission management system for the largest global brewing company
Through VeCarbon’s carbon inventory management system, the carbon emissions of the brewer’s suppliers and their production facilities were accounted for, helping detail the carbon intensity of their supply chain. Suppliers that share detailed carbon emissions data can be preferentially selected by such enterprises, providing a valuable benefit to major brands looking to reduce emissions and helping generate more business for suppliers. The brewing company was able to accurately manage the carbon emissions of their factories and have oversight of upstream and downstream supply chains, helping them realise the overall carbon strategy of the enterprise group.
The Low Carbon Ecosystem helps enterprises quantify users’ green and low-carbon emission reduction behaviours, issuing carbon credits with data verified through the VeChainThor blockchain. In turn, users can exchange these credits for benefits such as insurance, healthcare and other benefits, creating a positive cycle and motivating societal action through reward.
Use Case: Low-carbon eco-marketing for a new large EV vehicle brand
By using VeCarbon’s low-carbon ecosystem, owners of EVs for this brand can create carbon wallets, record their vehicle’s travel data (and subsequent carbon emission reduction) and allow for the quantification and subsequent issuance of carbon credits to owners’ carbon accounts following professional certification.
By constructing secondary channels with redeemable goods or services, a new marketing and trading ecology has been formed helping drive enterprises, car owners and relevant brands to participate and creating further incentives and exposure. The outcome is the realisation of incentivised models that drive owners to low-carbon car brands, enhance brand ‘stickiness’ and strengthen brand loyalty with the additional benefit of increasing customer acquisition channels and opportunities.
2021 saw a lot of work behind the scenes helping prepare the VeChainThor blockchain for the tidal wave of incoming adoption. From opening up headquarters in San Marino, to opening a new technology centre in Ireland and building VeCarbon, a project with national and international significance.
We have many other exciting things in the pipeline and will continue to push ahead into 2022 despite the headwinds of the global economy. The blockchain revolution is nearly upon us and the VeChainThor public blockchain is ready to seize one of the most transformative decades humanity has ever witnessed — the age of digitisation.
Launched in 2015, the VeChain Foundation has worked tirelessly to build bridges between blockchain technology and the real world. VeChainThor’s evolution continues to gather pace, transitioning from consortium network to a best-in-class public blockchain platform. As the ecosystem enabler, the Foundation’s mission is to empower builders and innovators by developing tools that systematically eliminate adoption hurdles and lower entry barriers for businesses and developers alike.
VeChainThor has already been applied across a diverse array of use cases, aiding the daily operations of corporations and creating new value and efficiencies. Alongside key strategic partners PwC and DNV, VeChain has collaborated with world-leading enterprises including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group and more.
For more information, including developer tools/documents and foundation grants, please visit: www.vechain.org