- China seeks to utilize VeChain’s blockchain platform to reduce carbon emissions by leveraging VeCarbon’s features to adopt renewable energy.
- VeChain’s PoA 2.0 upgrade will enhance sustainable growth and development for the platform, including an increase in the adoption rate.
Spurred by the government’s drive to achieve carbon neutrality by 2060 and peak carbon emissions by 2030, China is witnessing increased projects in renewable energy, with blockchain at the center of these initiatives.
Using VeCarbon to achieve decarbonization
Given that China is among the leading industrialized countries with high tons of carbon emissions from its various activities, it is no surprise that it is looking to adopt blockchain technology to control its climate impact. Opportunities are limitless with the use of and adoption of blockchain technologies.
However, reducing carbon emissions calls for a global effort involving multiple parties, including data sharing, for greater efficiency. With blockchain, entities can build trust and increase efficiency. Furthermore, one of the most crucial parts of blockchain application is centered on carbon emission data management.
China’s policy for reaching key carbon reduction targets, peak carbon emissions by 2030 and carbon neutrality by 2060, was recently released:https://t.co/DdTMUTN0RI
— eisenreich (@eisenreich) November 22, 2022
This sector is known for its high complexity and requires multi-dimensional international cooperation. Hence, the need for the VeChain blockchain. As a result, VeChain developed VeCarbon, a blockchain-focused carbon emission data platform hosted on the VeChain Thor protocol.
The VeCarbon system is specifically designed to tackle complex climate control issues. With carbon data tracking becoming a crucial part of the global climate control mechanism, China intends to leverage VeChain’s innovative platform to trace and ensure transparency in carbon emissions data.
As an advanced technology, VeCarbon will provide transformative solutions to reduce carbon emissions by utilizing features of the public blockchain. Hence, Shanghai Tanlian, VeChain’s parent company, has expressed its readiness to ensure that a low digital carbon drive is achieved via the VeChain network.
As electricity generation continues to challenge the communist state, policymakers are exploring the mass adoption of solar PV to kickstart its green energy initiative.
VeChain reaches a milestone with PoA 2.0 upgrade
Meanwhile, the launch of the PoA 2.0 (Proof of Authority 2.0) on the VeChain (VET) protocol signifies another historic win for the network. The PoA will usher in a new phase of sustainable growth and development for the platform with an increased adoption rate.
It is worth noting that the upgrade has been a much-anticipated project which the developers completed and unveiled on November 17 at block height 13815000 after the integration of VIP-220.
For the Blockchain community, this is the largest network upgrade on the VeChain mainnet since its launch. The update will facilitate several benefits for the ecosystem. Some of the benefits include quality data and improved on-chain security.
The upgrade has positioned VeChain as the perfect sustainable platform for energy-friendly projects and real-world solutions. The improved network also has enhanced scalability features to improve tasks in the blockchain space. Meanwhile, the upgrade brings VeChain a step closer to realizing its goal of global adoption of its supply chain management system.