- VeChain announces the approval of its Carbon Trading Patent application by the US federal agency Patent and Trademark Office (USPTO).
- As part of the application, VeChain explained the need to offset the challenges of global warming through the implementation of carbon emissions technology.
VeChain Global Technology’s (VET) efforts in environmental efficiency subsequently came into the spotlight VeChainThor achieved a remarkably low carbon footprint of 4.46 tonnes CO2e/year in 2022. This represents 0.000216 kWh of electricity per transaction, underscoring the relentless campaign and unrivaled eco-friendly approach.
A year before this remarkable achievement, VeChain filed a petition for a patent with the US federal agency Patent and Trademark Office (USPTO) for registering methods, devices, blockchain nodes and a system for recording and trading CO2 emissions. Three years after this famous application, the USPTO has finally given the green light according to a post shared on the official X-handle.
The path to greatness is filled with hard work, determination and breakthrough innovation. At #VeChain we pride ourselves on having all three in abundance. From carbon markets to supply chains and energy systems, blockchain will disrupt everything. The future = $VET.
According to the document attached to the application to USPTO, VeChain explained that greenhouse gases are the main cause of global warming, hence the need for the proposed method to implement carbon emission technology. As explained, the mechanism is designed to try to provide a reliable and tamper-proof multi-functional platform for companies to store their CO2 emissions data. Interestingly, this method would dramatically reduce “confusion” in carbon records without third-party intervention.
The solutions of the present disclosure can achieve a secure and credible recording of the carbon data. Moreover, according to some aspects of the present disclosure, a safe and credible implementation and registration of carbon trading can be achieved.
How the patent solves carbon emissions challenges
A CNF review of VeChain’s official document found that the method of obtaining data related to carbon behavior on various objects exists as one of the patent’s approaches. After data collection, these are then converted into corresponding carbon data. Later, the information would be stored on a blockchain-based platform and then traded as a transaction.
A typical example is providing data on the amount of electrical energy consumed by an electric vehicle that has a unique ID. As explained in the document, this data can be compared with the data produced by combustion engine vehicles to determine a “baseline CO2 emission value” (BE). Given that there is a smart contract running on the blockchain platform, the vehicle owner would be incentivized to keep their BE below average to receive a credit linked to the unique ID.
The carbon credit and the unique ID of the blockchain as a blockchain transaction; receiving, on the blockchain node, a transaction request to purchase a good or service with the carbon credit; and executing, with at least one smart contract, a blockchain transaction according to the request.
Also, the carbon emission value would be added as a hashed value by performing a hash operation for further transmission to the blockchain and secure storage.
At the time of writing, VET was trading at $0.034, after declining $0.034 3.6% in the past 24 hours, 18% in the past 30 days, and 20% in the past 90 days.
