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IBM to enable companies track carbon footprint via blockchain

Veridium Labs, a company incubated by EnVision Corporation, is collaborating with IBM to help transform the carbon credit market using IBM blockchain technology with the goal of making it easier for companies to offset their environmental footprints.

Veridium’s new solution for carbon credits will encompass the entire process of carbon footprint accounting and offsetting. Relying on IBM blockchain technology and technology expertise from IBM, the company plans to transform carbon credits into a new type of fungible digital asset that can be redeemed and traded on the Stellar network with less friction. The project builds upon IBM’s work in both public and private blockchain networks to enable clients and developers to engage in token-related networks.

“For years, we’ve been trying to mitigate environmental impacts at every point in the value chain, however previous solutions still presented significant complexities and costs. Our work with IBM is the first step in dramatically simplifying the accounting and offsetting processes, and therefore ultimately helping reduce costs,” said Todd Lemons, CEO & Co-Founder of Veridium. “Our digital environmental assets are designed to help companies and institutional investors purchase and use carbon credits to mitigate their environmental impacts today, and even hedge their potential carbon liabilities risks in the future.”

“By using a public, permissioned blockchain network, we can help Veridium create a new sustainable marketplace that is good for business and good for the world,” said Bridget van Kralingen, Senior Vice President, IBM Industry Platforms and Blockchain. “This is a great example of how industries are being reinvented by blockchain, in this case establishing a far more efficient and transparent approach to carbon accounting and offsetting that will empower individuals and companies to play a role in improving our environment.”

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