- VeChain uses blockchain technology to promote sustainability by tracking carbon footprint and optimizing supply chains.
- The company introduced VeCarbon, a tool to help companies manage and reduce carbon emissions.
VeChain is positioning itself as a leader in sustainability by leveraging blockchain technology to address environmental challenges, that is according to VeChain Jenny. Through a series of initiatives, VeChain aims to promote transparency and efficiency in sustainability practices across all sectors.
Carbon tracking and sustainable supply chains
One of the initiatives is a carbon footprint tracking solution based on VeChain blockchain that allows organizations and individuals track carbon footprint in real time within supply chains. In this way, VeChain allows companies to meet the requirements of environmental standards and achieve sustainable goals.
This technology allows organizations to reduce the amount of emissions they produce and thus play a role in meeting international carbon emissions reduction targets.
Additionally, the VeChain blockchain promotes a sustainable supply chain management system. The platform allows you to monitor and guarantee products from the moment they are obtained until they are manufactured.
This ensures that companies adopt good sourcing practices and, at the same time, environmentally friendly policies. This is especially important for industries that want to ensure that their sustainability statements are credible and can meet the growing expectations of society and other stakeholders.
VeChain Associations and How They Foster Sustainability
As noted in the post, VeChain launched VeCarbon, a software-as-a-service (SaaS) solution for tracking and managing carbon emissions. VeCarbon has an emissions data tracking system to support companies during their shift towards low emissions strategies.
This solution is in line with global environmental standards and even the achievement of net zero emissions targets.
VeChain has also been associated with various institutions to promote sustainable development goals. With the help of partners such as the United Nations and other industries such as agriculture, energy and food, VeChain strives to offer sustainable solutions specific to each sector. These partnerships help VeChain improve its sustainability and contribute to the achievement of other environmental goals.
Unlike most blockchains that still use the energy-intensive PoW protocol, VeChain has chosen the PoA model. This is because PoA is much more energy efficient than the current model used for transaction validation, which requires the use of more nodes and therefore consumes more energy.
VeChain’s PoA reduces the network’s carbon footprint without compromising the security of blockchain operations. This consensus mechanism also shows that VeChain is aware of the sustainability aspect not only in the use cases, but also in the technology that supports it.
VET token price falls
VeChain (VET) is up a 2,5% in the last 24 hours, quoting at $0.02342. According to highlights Crypto News Flash, Analyst Egrag Crypto has pointed out that this zone is the “Turbo Trigger”, that is, the level at which the token can experience a strong rise. Compared to previous market cycles, the analyst indicates an opportunity for VET to grow even further.
According to Egrag Crypto, past VET trends are a good predictor of future prices. In the previous cycles, VET recorded stellar performance when it reached similar technical levels. There was a bullish move in August 2020, when the price of the token increased by over 6,500% after the price reached the lower boundary of the Bollinger band.
According to Egrag, using Fibonacci retracement levels, the price target for VET is $1, which will be an upside of 4.324% from the current price of $0.0226.
