Wednesday, May 12, 2021

VeChain Files Patent with USPTO for Carbon Recording and Trading Based On Blockchain

VeChain Global Technology filed a patent with the United States Patent and Trademark Office (USPTO) on 22nd April 2021, which seeks to register methods, devices, blockchain nodes, and a system for carbon recording and trading based on blockchain.

The patent that was first reported by NewsBTC was attributed to Jianliang Gu, Xinli Tian, and Ziheng Zhou, VeChain’s CTO. The document describes the method of obtaining data in relation to carbon behaviors on various objects and then converting the data to corresponding carbon data.

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Afterward, the carbon data will be transmitted to a blockchain-based platform, such as VeChain, for storage.

For instance, an electric vehicle with a unique ID could provide data related to the amount of energy it consumes per time. The data is also comparable to a combustion engine vehicle to determine a baseline carbon emission amount.

With a smart contract running on the blockchain platform where the data is stored, the owner of the vehicle can be incentivized to maintain the Vehicle’s baseline carbon emission amount.

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The patent reads in part as follows:

“The carbon credit and the unique ID to the blockchain as a blockchain transaction; receiving, at the blockchain 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 blockchain transaction according to the request.”

According to the document, the carbon emission value will be written as a Hashed value by performing a Hash operation. Afterward, the Hash will be safely stored on the blockchain:

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

The document further claims that greenhouse gases are the major cause of global warming. So, VeChain is inventing a carbon emission technology that is capable of bringing it under control.

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The initiative will also provide a trustworthy platform for enterprises to store their carbon records without the interference of any third party:

“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.”

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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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