Hong Kong-based environmental financial firm, Veridium Labs, has partnered with the US technology firm, IBM, on a blockchain project.
The project aims to make carbon-credit more efficient, enabling the credit to offset environmental footprints easier by issuing and managing the tokens on a Stellar network.
The solution will encompass the entire process using IBM’s existing blockchain technology, creating “a new type of fungible digital asset… with less friction”.
“For years, we've been trying to mitigate environmental impacts at every point in the value chain, however previous solutions still presented significant complexities and costs,” commented Todd Lemons, Veridum Labs’ CEO and co-founder.
“Our work with IBM is the first step in dramatically simplifying the accounting and offsetting processes, and therefore ultimately helping reduce costs.”
“Our digital environmental assets are designed to help companies and institutional investors purchase and use carbon credits to mitigate their environmental impacts today, and even hedge their potential carbon liabilities risks in the future.”
“By using a public, permissioned blockchain network, we can help Veridium create a new sustainable marketplace that is good for business and good for the world,” reported Bridget van Kralingen, Senior Vice President of Platforms and Blockchain at IBM.
“This is a great example of how industries are being reinvented by blockchain, in this case establishing a far more efficient and transparent approach to carbon accounting and offsetting that will empower individuals and companies to play a role in improving our environment.”