- VeChain showcased solutions related to carbon footprint, medicine, and food SCM
- Expo attended by various delegates including Xi Jinping
- Carbon emission reduction model runs on VeChainThor Blockchain
Singapore based supply chain management startup VeChain showcased some of its new age blockchain technology-based solutions at the first China International Import Expo held from November 5-10, 2018, Shanghai.
New Era, Shared Future
The expo is aimed towards propelling China away from the world’s manufacturing hotspot to the world’s leading market.
A burgeoning middle-class section coupled with a rapidly increasing appetite for higher-quality consumer products is one of the primary reasons for this shift. Chinese President Xi Jinping stated during the speech that by 2033 China’s imported goods and services will exceed $30 trillion and $10 trillion, respectively.
At the expo, VeChain’s booth was visited by a number of enterprises and delegations from around the world. The booth showcased DLT-based solutions for cold-chain logistics, supply chain management, vaccine traceability, and carbon banking.
VeChain showcases multiple solutions at the first inaugural China International Import Expo.https://t.co/bIccKoKfbX
— VeChain Foundation (@vechainofficial) November 9, 2018
Sunny Lu, CEO, VeChain, had a busy time at the exhibition as he explained the intricacies of the firm’s cold chain logistics solutions (developed in association with DNV GL) aimed at making the supply chain management of imported seafood more transparent.
Carbon Emission Solution on VeChainThor Blockchain
The six-day expo also saw Song Ke, Manager, DNV GL Business Sustainability Division, explain the carbon emission reduction model which runs on the VeChainThor Blockchain using smart contracts.
Speaking about the progress of this model, Tian Xinli, project manager at VeChain stated:
“The Digital Carbon Ecosystem developed by VeChain and DNV GL is an open platform and BYD is one of the earliest participants in the ecosystem. The model of redeeming carbon credits is not new, but the reliability and transparency offered by the blockchain can let these companies, partners, and individuals trust the ecosystem as they join in together. This is a win-win cycle that both individuals and companies can benefit from.”
How does the Solution Work?
The teams explained the solution to the people in attendance stating that eco-friendly activities like driving electric vehicles, using renewable energy, and commuting via public transport will be recorded by apps built by the developers. Once recorded, these activities will be converted to carbon credits with the help of smart contracts defined by DNV GL.
Individuals with carbon credits can, in turn, redeem them to buy or avail discounts on products and services offered by ecosystem services. This also takes care of corporate social responsibilities that any 21st-century business enterprise is expected to discharge.
At press time, VET sits at the 20th position on CoinMarketCap, trading at $0.01 with a market cap slightly above $567 million.