IBM announced that it teams up with Veridium Labs to tokenize carbon credit with blockchain, reported Cointelegraph on May 15.
The companies will be able to track their footprints through a blockchain platform. Todd Lemons, CEO and Veridium Labs co-founder mentioned a blockchain-based platform to measure carbon emissions within the supply chain will help considerably fight against global warming.
“Veridium’s collaboration with IBM not only transforms the carbon markets, but also creates an economically sustainable funding source for conservation through a results-based payments model – a good first step towards the new ‘regenerative economy.'”
The Veridium tokens, backed by environmental groups such as Triple Gold REDD+ credits from InfiniteEARTH will be available on the Stellar blockchain.
The IBM Blockchain Offering Manager for IBM’s token initiatives, Jared E. Klee mentioned that the blockchain technology can “make the world a better place”.
“IBM is continuing its commitment to environmental stewardship through its engagement with Veridium. The Veridium token issuance may not only present a powerful solution for environmental offsets, but open up new funding opportunities for critical initiatives such as Infinite-Earth’s rainforest reserve. IBM believes innovative technologies like blockchain can make the world a better place.”
At the beginning of May, IBM conducted the first live pilot transactions for supply chain management.