VeChain Global Technology has applied for a patent with the US Federal Agency Patent and Trademark Office (USPTO). Filed on April 22, 2021, the registration application requests methods, devices, blockchain nodes, and a carbon and trade registration system, according to the document published by the agency.
The patent has been attributed to Jianliang Gu, Xinli Tian and Ziheng Zhou, Technical Director (CTO) of VeChain. The paper describes the method of obtaining data related to the behavior of carbon in different objects and then converting that data into the corresponding carbon data. Subsequently, the information will be stored on a blockchain-based platform for later trading as a transaction.
For example, an electric vehicle with a unique identification could provide data on the amount of electrical energy consumed. This data could be compared with that of a combustion engine vehicle to determine a “reference carbon emission quantity” (BE). With a smart contract that runs on the blockchain platform, the vehicle owner can be incentivized to keep his BE below average to receive a credit attached to his identification:
(…) Carbon credit and unique identification of the blockchain as a blockchain transaction; receive, at the blockchain node, a request for a transaction to buy a good or service with the carbon credit; and execute, with the at least one smart contract, a blockchain transaction according to the request.
The carbon emission value will be written as a hash value by performing a hash operation. The hash will be transmitted to the blockchain and secure storage, as the document describes, adding the following:
Usage data is collected by an IoT sensor operatively coupled to the electric vehicle and transmitted to the blockchain node through a computing device located in the electric vehicle.
VeChain’s Commitment to Reducing Carbon Emissions
The document submitted to the USPTO states that greenhouse gases are the main cause of global warming. Therefore, VeChain Global Technology has devised this method to implement “carbon emission technology”.
The mechanism will also attempt to provide a reliable and tamper-proof multipurpose platform for companies to store their carbon emissions data. This reduces “confusion” in carbon records without the intervention of a third party. The patent application claims the following:
With the solutions in this disclosure, a secure and credible record of carbon data can be achieved. In addition, based on some aspects of this disclosure, secure and credible implementation and recording of carbon trading can be achieved.
At the time of writing, VET is trading at $ 0.21 with a loss of 2.7% on the daily chart. On the weekly and monthly chart, VET has a profit of 23.9% and 125%. Holders should be looking at a candle close above the $ 0.22 mark, this could lead to more gains and a breakout towards price discovery.
VET on an impressive rally on the monthly chart. Source: VETUSDT Tradingview