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IBM Partners with Veridium Labs to Launch Blockchain-based Carbon Footprint Tracker

17 May 2018

Via partnership with IBM, Veridium Labs will have an opportunity to sell carbon offset tokens on the Stellar blockchain.

USA -based multinational company IBM and Hong Kong's Veridium Labs have made a decision to join their forces and expertise with a view to utilize blockchain, the distributed ledger technology for enhancing the efficiency in the carbon-credit market and facilitating the process of offsetting carbon credits. The "credits" can themselves be traded, thus allowing a company to "sell" its carbon-producing rights to another company. The International Panel on Climate Change (IPCC) introduced their carbon credit proposal as a market-oriented mechanism to slow worldwide carbon emissions.

As per Klee, the "public, permissioned" blockchain ensures participation in the tokenized carbon credit process is limited to those with regulatory requirements, as the product is essentially a carbon token buying/selling exchange market.

With global warming threatening the very existence of longevity of our ecosystem, any step towards the reduction in carbon footprint should be welcomed.

Veridium Labs is an environmental financial technology company that is actively working on solving a hard problem concerning the ways to trade carbon offset credits in an open market.

Our engagement with Veridium will mark the first public IBM involvement in a token issuance on a public network. While an earlier announcement included details for that project's token, called TGR, the project is no longer active, according to Veidium founder, Todd Lemons, and updates on the Verde token creation will be forthcoming. This is a sister company of Veridium Labs which counts PwC and Microsoft among its customers. The company ha snot explained why it switched over, although the faster transaction times and lower transaction costs of the Stellar network are likely factors.

IBM, or International Business Machines, is a multinational technology company from NY. It sold its personal computing business to Chinese company Lenovo in 2005.

In March, the company revealed a computer the size of a grain of rock salt that it plans to use to spread blockchain technology to more people.

Stellar Lumens is an open-source blockchain network created by Jed McCaleb, who also created Mt Gox and co-created Ripple. Cryptocurrencies which were born out of an aim to decentralize the economy in its pursuit to become mainstream is becoming more and more centralized as companies, banks, and governments have started the use of cryptocurrencies and blockchain technology. Stellar will provide the digital ledger for the transactions while IBM will deal with technical aspects of trading activities and tokens management.

IBM Partners with Veridium Labs to Launch Blockchain-based Carbon Footprint Tracker