VeChain Global Technology filed a patent application with the US Federal Patent and Trademark Office (USPTO) filed on April 22.ndBy 2021, the application seeks to register methods, devices, blockchain nodes and systems for carbon recording and trading, according to documents published by the agency.
The patent belongs to Jianliang Gu, Xinli Tian, and Ziheng Zhou, Chief Technical Officer (CTO) of VeChain.This document describes a method for obtaining information related to carbon behavior on different objects and then converting it into data. Corresponding carbon Thereafter, the data is stored in the platform that uses the blockchain for subsequent trading as a transaction.
For example, an electric vehicle with a unique code can provide information about the amount of electrical energy it consumes. This data can be compared with combustion engine vehicles to determine the “basic carbon footprint”; (BE). With smart contracts running on a blockchain platform, vehicle owners can be incentivized to keep a below-average BE to earn credit at Attached with ID:
(…) Carbon Credit and Blockchain Unique IDs as Blockchain Transactions Receipt at blockchain node, transaction request to purchase goods or services with carbon credit. And operated with at least one smart contract, an on-demand blockchain transaction.
The carbon emission value is written as a hash that is valued by the hash operation. The hash is sent to the blockchain and secure storage as the documentation explains while adding the following:
Usage data is collected by IoT sensors that work with the electric vehicle and are sent to the blockchain node via a computerized device inside the electric vehicle.
VeChain’s commitment to reducing carbon emissions
A paper presented to the USPTO claims that greenhouse gases are the main cause of global warming, so VeChain Global Technology has devised this method to use “carbon emission technology”.
The mechanism seeks to provide a versatile, reliable and tamper-proof platform for organizations to store their carbon footprint data. Thus, it reduces the “confusion” in the carbon record without third-party intervention. The patent application claims the following:
With today’s disclosure solutions it may be possible to safely and reliably record carbon data. In addition, in some aspects of the current disclosure, the safe and reliable use and recording of carbon trading may be possible.
At the time of writing, VET was trading at $ 0.21 with a 2.7% loss on the daily chart, on the weekly and monthly charts. It could lead to a spike and a break between price discoveries.