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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

VeChain’s New Patent Could Help Offset Carbon Emission

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
VeChain VET VETUSDT

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VeChain Global Technology has petitioned for a patent with the U.S. federal agency Patent and Trademark Office (USPTO). Filed on April 22nd, 2021, the application seeks to register methods, devices, blockchain nodes, and a system for carbon recording and trading, per the document published by the agency.

The patent has been attributed to Jianliang Gu, Xinli Tian, and Ziheng Zhou, VeChain’s Chief Technical Officer (CTO). The document describes the method to obtain data related to carbon behaviors on different objects and then converting that data into corresponding carbon data. Later, the information will be stored in a blockchain-based platform for subsequent trading as a transaction.

For example, an electric vehicle with a unique ID could provide data on the amount of electrical energy consumed. This data could be compared to that of a combustion engine vehicle to determine a “baseline carbon emission amount” (BE). With a smart contract running on the blockchain platform, the owner of the vehicle can be incentivized to maintain its BE below average to receive a credit attached to its ID:

(…) The carbon credit and the unique ID to the block chain as a block chain transaction; receiving, at the block chain node, a request for a transaction to purchase a good or service with the carbon credit; and executing, with the at least one smart contract, a block chain transaction according to the request.

The carbon emission value will be written as a Hashed valued by performing a Hash operation. The hash will be transmitted to the blockchain and safe storage, as the document describes while adding the following:

the use data is collected by an IoT sensor operably coupled to the electric vehicle and transmitted to the block chain node via a computing device located in the electric vehicle.

VeChain’s Commitment To Reduce Carbon Emission

The document presented to the USPTO claims that greenhouse gases are the main cause of global warming. Therefore, VeChain Global Technology has come up with this method to implement “carbon emission technology”.

The mechanism will also attempt to provide a trustworthy and tamper-proof multi-purpose platform for enterprises to store their carbon emission data. Thus, reducing the “confusion” in carbon records without the intervention of a third party. The patent application claims the following:

With the solutions of the present disclosure, safe and credible recording of the carbon data may be achieved. Furthermore, according to some aspects of the present disclosure, safe and credible implementing and recording of the carbon trading may be achieved.

At the time of writing, VET trades at $0.21 with a 2.7% loss in the daily chart. In the weekly and monthly chart, VET has a 23.9% and 125% profit. Holders should be looking at a candle close above the $0.22 mark, this could lead to further gains and a break towards price discovery.

VeChain VET VETUSDT
VET on an impressive rally in the monthly chart. Source: VETUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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