VeChain Global Technology has filed a patent with the US Federal Patent and Trademark Office (USPTO). The application was submitted on April 22, 2021. According to the agency, methods, devices, blockchain nodes, and systems for collecting and trading carbon are to be registered.
VeChain to Store Carbon Data in a Blockchain-based Platform
The patent is attributed to Gu Jianliang, Tian Xinli, and Ze Ziheng, VeChain’s chief technology officer. This document describes how to obtain data on the carbon behavior of various objects and then convert them into corresponding carbon data. Later, the information is stored in a blockchain-based platform for subsequent trading as a transaction.
For example, an electric car with a unique ID can provide data on electricity consumption. This data can be compared to internal combustion engine vehicles to determine the base carbon emissions (BE). Through smart contracts running on the blockchain platform, vehicle owners can be encouraged to keep their BE below average to get the points associated with their ID:
The carbon credit and the unique ID to the blockchain as a blockchain transaction; receiving, at the blockchain node, a request for a transaction to purchase a goods or service with the carbon credit; and executing, with at least one smart contract, a blockchain transaction according to the request.”
Performing a hash operation writes the carbon emission value as a hash value. The hash is transmitted to the blockchain and secure storage with the following additions, as described in the document:
“the user data is collected by an IoT sensor operably coupled to the electric vehicle and transmitted to the blockchain node via a computing device located in the electric vehicle.”
VeChain’s Commitment to Reducing Carbon Emissions
The documents submitted to the USPTO claim that greenhouse gases are the leading cause of global warming. VeChain Global Technology has therefore proposed a method for implementing Carbon Emission Technology.
The mechanism will also seek to provide companies with a reliable, tamper-proof, multi-purpose platform to store their carbon emissions data. As a result, the chaos in the carbon footprint is reduced without the need for third-party intervention. The patent application claims the following:”With the solutions of the present disclosure, safe and credible recording of the carbon data may be achieved.