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- VeChain partners with Boston Consulting Group to launch a whitepaper for its sustainability initiative.
- Its Blockchain Biosphere initiative is said to be an evolution of the Carbon Credit DApp.
In partnership with Boston Consulting Group, VeChain has unveiled its new sustainability-focused whitepaper ‘Web3 For Better’ as part of its effort to bring blockchain adoption to billions of people and companies. Over the years, the company has been working towards plans to achieve environmental sustainability in the blockchain space, and a comprehensive vision of realizing this has been outlined in the whitepaper.
VeChain is building a Blockchain Biosphere, ” a modular series of ‘ecosystems’ consisting of stakeholders, from individuals to enterprises, tackling specific sustainability challenges that utilize ‘nudge economics’ to drive desired outcomes.”
BCG has an incredible reputation in the ESG/sustainability field, and in this partnership, VeChain would leverage its massive client network seeking to cause a green revolution in the blockchain. It can be recalled that VeChain introduced a development called Carbon Credit DApp. With this, drivers had the option to upload their journey data while smart contracts calculate their carbon offset.
An updated version was launched in San Marino after the government invited the team to help them become the world’s first carbon-neutral country. This initiative has later evolved to become the Blockchain Biosphere.
By leveraging the transparency and provenance capabilities of blockchain, Vechain’s blockchain biospheres factor in the ‘positive externalities’ of consumer decision-making such as the ethics or sustainability of a good or service. By doing so, Vechain is a redefining value by incorporating the idiosyncrasies of individuals often excluded from legacy valuation models.
VeChain to enable sustainability with powerful tools
With the Blockchain Biosphere, consumers gain trust in products while companies develop better brand stickiness to create an engaging atmosphere. According to reports, their sustainability ecosystem by VeChain would be enabled with powerful tools including the Web3-as-a-service platform, VORJ. As explained by the platform, VORJ was purposely introduced to assist Web2 businesses while deploying Web3 services easily. Using “UI, creating fungible/non-fungible tokens, minting OpenZeppelin compatible smart contracts or other products” without requiring any advanced technical knowledge, VORJ allows users to simply click, compile and deploy solutions.
Vechain’s powerful new Web Wallet, VeWorld, also plays a key role in its Web3 adoption by offering game-changing features including URL-based fee delegation. With this, individuals can use the VeChain blockchain without paying transaction fees. This is meant to eliminate any hurdle on the way to adoption.
One of our most powerful features is ‘fee delegation’ – a protocol that removes the need for enterprises to manage transaction fees and a key step towards mass adoption of blockchain technology.
We’ve just implemented fee delegation in our Web Wallet – https://t.co/VeQl1VCY3X -… pic.twitter.com/z8Kf1DAea2
— vechain (@vechainofficial) April 4, 2023
In addition to these, carbon footprint explorer has been deployed. Also, other critical technical upgrades including “an official sustainability-focused NFT marketplace, data oracles, a DAO development framework and deployment of popular Ethereum tools, etc” have been introduced.
VeChain is also working on system integrators to increase Web3 adoption. To integrate VeChain’s web3-as-a-service products and drive adoption at a global scale, a team is working with the ERPs.
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Through leveraging the capabilities of ‘trustless’ data (information without intermediaries), smart contracts and IoT technologies, VechainThor has enabled solutions across a wide array of fields. Vechain now turns its attention to the greatest challenge of all – building digital ecosystems to drive sustainability and digital transformation at global scale.
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