VeChain (VET) Positions Itself as a Leader in Sustainability by Leveraging Blockchain Technology to Address Environmental Challenges

VeChain Jenny explains how the platform is using a series of initiatives to promote transparency and efficiency in sustainability practices across industries.

Blockchain technology is being used by VeChain to address environmental issues and establish itself as a leader in sustainability, according to VeChain Jenny. VeChain aims to integrate sustainability practices across industries through a number of initiatives, fostering transparency and efficiency.

Carbon Tracking and Sustainable Supply Chains

One of the initiatives is a carbon footprint tracking solution from VeChain that uses blockchain and enables organizations and individuals to track carbon footprint in real-time within supply chains. In this way, VeChain enables companies to meet the requirements of environmental standards and reach sustainable goals. This technology allows organizations to reduce the amount of emissions they produce and thus play a role in meeting international targets for carbon reduction.

Furthermore, the VeChain blockchain promotes a sustainable supply chain management system. The platform enables the monitoring and assurance of the products right from the time they are sourced till they are manufactured.

This is to ensure that firms adopt good sourcing practices and at the same embrace environmentally friendly policies. This is especially crucial for industries that want to ensure that their sustainability claims are credible and can meet the increasing expectations of society and other stakeholders.

VeChain Partnerships and How They Are Advancing Sustainability

As outlined in the post, VeChain launched VeCarbon, a Software as a Service (SaaS) solution for carbon emission tracking and management. VeCarbon has a system for monitoring emissions data to support companies during their shift to low-emissions strategies. This solution is in line with global environmental standards and even in achieving net-zero emissions targets.

VeChain has also partnered with various institutions to foster sustainable development goals. With the help of partners such as the United Nations and other industries, including agriculture, energy, and food, VeChain strives to offer sector-specific sustainable solutions. Such partnerships help VeChain enhance its sustainability and contribute to the achievement of other environmental goals.

Unlike most blockchains that still use the energy-consuming PoW protocol, VeChain has opted for the PoA model. This is because PoA is much more energy-efficient than the present model used for validation of transactions where more nodes are required to be used, thus using more energy.

VeChain’s PoA reduces the network’s carbon footprint without compromising the security of the blockchain operations. This consensus mechanism also shows that VeChain is conscious of the sustainability aspect not only in the use cases but also in the technology that supports it.

VET Token Price Drops

VeChain (VET) has seen a 2.5% increase in the last 24 hours, trading at $0.02342. As reported by Crypto News Flash, the analyst Egrag Crypto has identified this zone as the “Turbo Trigger,” where the token may experience a sharp increase. Compared to the previous market cycles, the analysis suggests potential for further growth for VET.

According to Egrag Crypto, VET’s past trends could provide insight into future prices. In the previous cycles, VET demonstrated significant growth when it reached similar technical levels. One instance of an upward movement occurred in August 2020, when the token price surged over 6,500% after reaching the lower Bollinger band. Using Fibonacci retracement levels, Egrag anticipates a price target of $1 for VET, which would mark a 4,324% increase from the current price of $0.0226.