The VeChain Foundation recently revealed a new tool that will be used to speed and improve efforts to reduce carbon emissions. This has become a major challenge in China, as the Asian giant prioritizes the reduction of its atmospheric pollution to 0 in the next decades.
Called Digital Carbon Footprint SaaS Service, this VeChain-based tool is designed to help companies to change their carbon footprint by improving their data management practices, according to an official post.
The Foundation claims that their new tool has combined decentralized ledger technology with a SaaS (Software as a Service) business model. This is how carbon emissions data reported by companies is legitimized and verified.
Thus, VeChain and its tool help remove the trust issue in this important area, increase transparency, and improve the collection of data for a supply chain. Later, the data can be used by enterprises to track down the sector on the supply chain that needs to performed better to offset carbon emissions.
VeChain’s Digital Carbon Footprint SaaS Service allows enterprise users to log key data and integrate it with world-leading third party assurance providers within VeChain’s partnership network.
The VeChain Foundation claims that carbon emissions and responsible corporate social decisions have become a “massive global focus”. This has been increased by the COVID-19 pandemic.
Therefore, consumers need tools that provide reliable information about these key items. Thus, their solution, the VeChain ecosystem, companies, and their reputation, and ecofriendly practices, all benefit from this technology. The Foundation stated:
VeChain’s services provide an opportunity for businesses to amplify transparency and dramatically change the way consumers view carbon labelling. By leveraging VeChain’s intuitive Digital Carbon Footprint SaaS platform.
VeChain (VET) On A 50% Monthly Rally, Next Potential Price Target
In the coming decades, as China and the entire world try to migrate to more sustainable economies, VeChain and its solution could gain more importance. Decision-making, as the Foundation said, at a national and corporate level is becoming more “data-driven”.
Therefore, scalable platforms, such as the Digital Carbon Footprint SaaS Service, could be a must for any company to carry on operating in a world that demands more transparency, and more social awareness.
Over the past months, VeChain has consolidated and launched several solutions and partnerships. As NewsBTC reported, their collaboration with the Republic Of San Marino to provide COVID-19 vaccination certificates secure by blockchain VeChainThor.
Its native token VET seems to have positively reacted to these events, as it records a 52% profit in the 30-day chart and 6.7% profit over the past two weeks.
At the time of writing, VET trades at $0.11 after a retracement following the general sentiment in the market.
As pseudonym trader VeChain Justin showed in the chart below, VET must reclaim the green area around $0.12 to reclaim support and have a chance at further appreciation. More downside could lead the token back below the $0,10 levels.