Technology giant IBM announced the signing of a partnership agreement with the environmental FINTECH startup Labs Veridium to issue the token on the blockchain Stellar.
Initiative IBM and Veridium directed to the tokenization of trading unused quotas for the emission of carbon dioxide. This will allow companies that produce emissions, to compensate for the damage caused to the environment.
The proceeds from the sale of the token Verde will be used for the restoration of tropical forests on the area of about 650 square kilometers on the island of Borneo in Indonesia.
Trilateral trade by quotas on carbon emissions there is already a long time, but have trouble assessing volumes using traditional balances, said the project. Token Verde will be interchangeable and can be traded on a public network, Stellar, eliminating obstacles and opacity in the trading chain emissions.
“Our digital environmental assets designed to help companies and institutional investors to acquire and apply the unused quota of carbon emissions to mitigate the impact on the environment now and even hedge their potential risks of liability for damages in the future,” said co-founder and CEO of Veridium Todd Lemons (Todd Lemons).
Senior Vice President of IBM’s industry platforms and blockchain Bridget van Kralingen (Bridget van Kralingen) stressed that the use of public blockchain technology will create “a new, stable market, good for business and for the world.”
We will remind that it not the first experience of using IBM blockchain Stellar — informed together with the start-up was implemented a project of cross-border payments.