VeChain uses blockchain technology to track carbon emissions and promote sustainability by optimizing supply chains. The company introduced VeCarbon, a tool to help businesses manage and reduce carbon emissions.
According to VeChain Jenny, VeChain is establishing itself as a leader in sustainability by leveraging blockchain technology to address environmental issues. Through a series of initiatives, VeChain aims to promote transparency and efficiency in sustainability practices across the industry.
Carbon tracking and sustainable supply chain
One of its efforts is the VeChain blockchain-based carbon footprint tracking solution that allows organizations and people to track carbon emissions within their supply chains in real time. In this way, VeChain allows companies to meet the requirements of environmental standards and achieve sustainability goals. This technology allows organizations to reduce their emissions, thereby playing a role in meeting international targets for carbon reduction.
Additionally, the VeChain blockchain facilitates a sustainable supply chain management system. The platform enables monitoring and assurance of products from sourcing to manufacturing.
This is to ensure that companies adopt good procurement practices while also adopting environmentally friendly policies. This is particularly important for industries that want their sustainability claims to be credible and meet the growing expectations of society and other stakeholders.
VeChain Partnership and How to Drive Sustainability
As outlined in the post, VeChain launched VeCarbon, a software as a service (SaaS) solution for tracking and managing carbon emissions. VeCarbon has systems in place to monitor emissions data to support companies in their transition to low emissions strategies. The solution complies with global environmental standards and also contributes to achieving net zero emissions targets.
VeChain also partners with various institutions to promote sustainable development goals. With the support of partners such as the United Nations and other industries such as agriculture, energy and food, VeChain strives to provide sector-specific sustainable solutions. Such partnerships help strengthen VeChain’s sustainability and contribute to achieving other environmental goals.
Unlike the majority of blockchains, which still adopt energy-consuming PoW protocols, VeChain has chosen the PoA model. This is because PoA is much more energy efficient than current models used to verify transactions, which require the use of more nodes and use more energy.
VeChain’s PoA reduces the network’s carbon footprint without compromising the security of blockchain operations. This consensus mechanism also shows that VeChain is conscious of sustainability aspects not only in its use cases, but also in the technology that supports it.
VET token price falls
VeChain (VET) is up 2.5% in the past 24 hours and trading at $0.02342. As highlighted in Crypto News Flash, analyst Egrag Crypto pointed out that this zone is a “turbo trigger,” a level that could cause the token to rise sharply. Compared to previous market cycles, analysts suggest that VET has further growth opportunities.
According to Egrag Crypto, the previous trend of VET is a good predictor of its future price. In previous cycles, VET recorded superior performance when reaching similar technology levels. In August 2020, there was one bullish move where the token price rose more than 6,500% after hitting the lower bound of the Bollinger Bands. According to Egrag, using the Fibonacci retracement level, the target price for VET is $1, representing a 4,324% upside from the current price of $0.0226.
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