- VeChain (VET) has been recognized in academic research as one of the key blockchain platforms that considerably reduce carbon emissions in e-commerce activities.
- One of its crucial roles was highlighted in its partnership agreement with Walmart China to establish a traceability platform.
VeChain (VET) has gained another mention in academia as a research paper authored by Yingmei Jiang, Jinjin Mou, Xin Yang, and Jinyu Wei recognizes its role in E-commerce carbon reduction. According to the study titled: “The Impact of Disclosure Information Level Based on Blockchain Technology on the Joint Decision Making for Carbon Reduction and Pricing in the Fresh E-commerce Supply Chain,�?VeChain has been integrated for the effective enhancement of brand image and consumer trust in food safety.
#VeChain was highlighted in a recent journal article, “The Impact of Blockchain Technology on the Joint Decision Making for #Carbon Reduction and Pricing in the E-Commerce Supply Chain” 🌍📦. A clear example of how blockchain is driving real-world impact!
🔖 You can read the�?pic.twitter.com/mj5byp5r6B�?VeSwap – ♻️ VeFi Engine (@veswaporg_) November 2, 2024
Key Highlights of VeChain
Throwing more light on this, the report highlighted the recent partnership between Walmart and VeChain to establish a blockchain traceability platform in China. As we earlier disclosed, this was supposed to cover about ten categories, including fresh meat, vegetables, and Seafood.
In January this year, it was reported that VeChain had helped Walmart China to process more than 200 million transactions. Interestingly, these transactions were processed on the Walmart China Blockchain Traceability Platform, a private network built on the VeChainThor blockchain in 2019.
Announcing this incredible achievement, VeChain stated:
By leveraging the power of blockchain technology, VeChain is playing a pivotal role in revolutionizing the food industry with its safer and traceable food solutions. With a strong focus on regulatory compliance, they are helping Walmart to align with their key sustainable goals.
Further analyzing the academic report, we also uncovered an emphasis made on the partnership between JD.Com and Diary brands such as Yili, Aptamil, and Friso. It is important to note that JD.Com is the second largest e-commerce platform in China to build a blockchain anti-counterfeiting and traceability platform.
Blockchain Technology and Development of Sustainable Tools
Recognizing the overall impact of blockchain technology, the study mentioned that the largest seafood company in North America, Bumble Bee Foods, uses it to track Volume, capture points, and information regarding product authenticity, freshness, safety, and certification of sustainable fishing practices.
An excerpt of the report reads:
Through the practical application of blockchain technology, it has been observed that the inherent attributes of decentralization, tamper resistance, and full traceability of blockchain, while providing excellent application scenarios for the disclosure of information on fresh agriculture products may also lead to the leakage of consumer privacy.
Meanwhile, the study admits that many fresh e-commerce supply chains have not fully adopted blockchain technology.
VeChain has, over the years, embarked on several initiatives to address issues related to carbon emissions. Last year, VeChainStats launched a Carbon calculator tool to enable users and enterprises to calculate the emissions of their blockchain-based activities. According to our review of that release, the calculator considers 34 variables which include emission data from cloud providers, their premises, and local geographies. This initiative, according to VeChain, marked a key moment of its sustainability aspirations.
For example, when transacting, VechainThor will be able to automatically select the least carbon-intensive smart contract to achieve the desired outcome. The VeWorld Web Wallet, which will soon have the calculator integrated, will be able to communicate directly with VeChainStats to verify the contract’s carbon intensiveness prior to broadcasting a transaction.
At press time, VET was trading at $0.0198 after declining by 10% in the last seven days.
