VeChain, a leading blockchain platform, has made a significant breakthrough in carbon trading technology with its 67th patent. This development has the potential to greatly impact the market price of VeChain’s native cryptocurrency, VET.
The patented technology introduces several key innovations. First, it provides a sophisticated method and system for acquiring and processing carbon behavior and identification data from transport devices. This data indicates the carbon consumption or emission reduction behavior of these devices.
Secondly, the acquired data is converted into carbon emission reduction equivalents using smart contracts. This ensures accurate data conversion that adheres to predetermined criteria.
Lastly, the carbon emission reduction equivalents are securely stored and managed on a blockchain platform, ensuring data integrity, authenticity, transparency, and efficiency in the carbon trading process.
This transformative approach to carbon trading leverages blockchain technology to enhance transparency and reliability. By collecting identification and carbon activity data from transportation devices, this technology streamlines the carbon trading process and ensures the authenticity of the data.
Given this groundbreaking patent and its potential positive impact on carbon trading, market analysts predict a significant uptick in VET’s price. According to CNF’s previous report on VeChain’s prospects, top analysts forecast VET to skyrocket to $1.14 by October. Currently, VET trades at $0.03032, with a slight decrease in the past day and week.
Overall, VeChain’s patent for transforming carbon trading with blockchain technology is a major milestone for the company and has the potential to drive positive sentiment and price growth for VET.