VeChain has received approval for its Carbon Trading Patent application from the U.S. federal agency Patent and Trademark Office (USPTO). The patent aims to address the challenges of global warming by implementing carbon emission technology. The achievement highlights VeChain Global Technology’s commitment to environmental efficiency, as VeChainThor achieved a remarkably low carbon footprint in 2022. This accomplishment underscores the company’s relentless campaign and eco-friendly approach.
VeChain submitted the patent application to the USPTO three years ago, seeking to register methods, devices, blockchain nodes, and a system for carbon recording and trading. The approval from the USPTO was confirmed in a post on its official X handle.
The patent application explains the need for a trustworthy and tamper-proof platform to enable enterprises to store their carbon emission data. By implementing this method, confusion in carbon records can be reduced without the involvement of third parties.
The patent outlines a method to collect data on the carbon behavior of different objects, which is then converted into corresponding carbon data. This information is stored on a blockchain-based platform for future trading as transactions. For example, data on the amount of electrical energy consumed by an electric vehicle, which has a unique ID, can be compared to combustion engine vehicles to determine a baseline carbon emission amount. The owner of the vehicle is incentivized to maintain their emissions below average to receive a credit linked to the unique ID.
The carbon credit and unique ID are recorded as a blockchain transaction. When a request is made to purchase a good or service with the carbon credit, a smart contract executes the transaction. The carbon emission value is attached as a hashed value and transmitted to the blockchain for secure storage.
Currently, VET is trading at $0.034, experiencing a decline of 3.6% in the last 24 hours, 18% in the last 30 days, and 20% in the last 90 days. VeChain’s innovative approach to addressing carbon emissions demonstrates their commitment to creating a sustainable future.