A patent had been petitioned for by VeChain Global Technology on the 22nd of April 2021. The purpose of the patent was to register devices, methods, blockchain nodes, and lastly, a system that is able to carry out carbon trading and recording. The patent will first, however, need to be approved by the USPTO (the United States Patent and Trademark Office).
Xinli Tian, Jianlian Gu, and VeChain’s CTO (Chief Technical Officer) Ziheng Zhou had been the ones that the patent had been officially attributed to. To provide some further context and detail, the patent includes a description of a particular method that can be utilized to garner data that may be related to carbon-based behaviors. These behaviors would be on various different objects, and the aforementioned data would then be converted into carbon data. Lastly, the information will then eventually be kept in storage in a platform based on blockchain technology for the purposes of subsequent trading in the form of a transaction.
VeChain committed to reducing carbon emission
The patent which had been given to the USPTO for approval mentioned that various greenhouse gases are indeed the primary cause of global warming. VeChain would then attempt to rectify this through the implementation of ‘carbon emission technology.’ This mechanism shall also be focusing on providing a tamper-proof as well as trustworthy platform, which will also be multi-purpose in nature.
Furthermore, the platform will be used by enterprises in order to successfully store their respective data regarding carbon emission. This will also eliminate the involvement of a third party and will thus hopefully decrease confusion relating to the carbon data records.
VeChain price fluctuating despite the increased environmentalist approach
As of the time of this writing, VeChain’s (VET)’s price is currently $0.2, which is an 8.5% decrease since yesterday. It is currently the 14th largest cryptocurrency in terms of market capitalization, with a total market cap of $13,050,193,839. However, VET managed to secure a 24% and a 125% profit on both the weekly and monthly charts, respectively, and holders can expect a candle close of just over $0.22. This could also result in even more gains as well as a break in the direction of price discovery.
However, there are some who have criticized VeChain’s overly environmentalist approach, saying that it has inadvertently resulted in the price decreasing. Apart from the abovementioned patent, VeChain also recently worked to fight against Covid-19 in Cyprus by helping the Mediterranean Hospital store and record its data in a much more efficient manner using blockchain technology.
Ultimately, we will have to wait and see whether VeChain can eventually reclaim its previous all-time highs and whether its current approach will pay off in the long run.