Enterprise-grade layer 1 blockchain VeChain announced a partnership with CIRCUNOW to jointly develop a Circular Goods Carbon disclosure platform. The joint venture is aimed at accelerating eco-friendly practices in the consumer goods sector.
VeChain recently took to Twitter to share the latest development with its community:
Runs on #Vechain.#Sustainability #Carbon #Web3 $VET https://t.co/Lv6Qub5GE1
— vechain (@vechainofficial) June 1, 2023
According to a blog post on VeChain’s official website, interdisciplinary innovation institute CIRCUNOW tapped Shanghai Tanlian, the company behind VeChain’s VeCarbon, to tailor a digital solution for the recycling of physical goods by launching a carbon reduction platform for circular physical goods.
The proposed platform would provide carbon reduction certificates to circular goods through all stages of their lifecycle. These certificates would eventually help calculate a quantified carbon reduction value that would be certified by ESTS, a third-party public trust certification body. VeChain stated that the carbon disclosure platform would run on its blockchain.
Recycled products on the proposed platform would have exclusive blockchain product traceability via QR codes. The WeChat app would allow users to scan the product’s QR code and browse its carbon reduction traceability information, as well as other certification reports.
Hu Minxi, General Manager of CIRCUNOW, stated that the collaboration with Shanghai Tanlian and ESTS led to the completion of the transparent traceability of the carbon emission reduction of recycled products. The latest development allowed the company to implement its true circular and sustainable environmental protection concept.
Shanghai Tanlian stated that it would continue to invest in such recycling ventures in the future to empower recycled plastics with low-carbon emission reduction. The firm added that it would continue to cooperate sincerely to explore more possibilities for digital low-carbon in the recycling industry.
VeChain’s native token VET saw a considerable hike earlier today, rising over 5% from $0.019 to $0.020. At the time of writing VET had a market capitalization of $1.4 billion, making it the 38th largest cryptocurrency in the world. VET’s latest daily trading volume came in at $30 million.
