- IBM has partnered with Veridium Labs to tokenize carbon credit, enabling firms to utilize blockchain in tracking their carbon footprint.
- The group said this will help address issues relating to global warming.
In a press release yesterday 15th May, IBM has announced a partnership with Veridium Labs to tokenize carbon credits, this will enable firms to utilize the blockchain technology in tracking their carbon footprint.
Todd Lemons, the founder and CEO of Veridium Labs stated that utilizing the blockchain technology to quantify carbon emissions along the supply chain would address issues relating to global warming:
“Veridium’s collaboration with IBM not only transforms the carbon markets, but also creates an economically sustainable funding source for conservation through a results-based payments model – a good first step towards the new ‘regenerative economy.’”
Veridium Labs would issue digital tokens, which would be backed by environmental assets like the Triple Gold REDD + credits from InfiniteEARTH. The tokens would be made available on the Stellar blockchain.
The Blockchain Offering Manager for IBM’s token initiatives, Jared E. Klee, stated that IBM believes that blockchain technology can be utilized to “make the world a better place”:
“IBM is continuing its commitment to environmental stewardship through its engagement with Veridium. The Veridium token issuance may not only present a powerful solution for environmental offsets but open up new funding opportunities for critical initiatives such as Infinite-Earth’s rainforest reserve. IBM believes innovative technologies like blockchain can make the world a better place.”
It has been earlier reported by Cryptona.co that IBM wants to create the world’s smallest computer based on the Blockchain technology, which has the dimensions that are smaller than a grain of salt and would soon be “embedded into everyday devices” to track objects and devices.