Welcome!

News Feed Item

Veridium to Use IBM Blockchain Technology to Create Social and Environmental Impact Tokens

HONG KONG and ARMONK, N.Y., May 15, 2018 /PRNewswire/ -- Veridium Labs Ltd, a company incubated by EnVision Corporation, is collaborating with IBM (NYSE: 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.

IBM Corporation logo. (PRNewsFoto/IBM Corporation) (PRNewsFoto/) (PRNewsfoto/IBM)

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."

Many companies purchase third party carbon credits. But the process of measuring those emissions throughout a complex supply chain can be confusing and costly. Purchasing these financial instruments is often equally complex.

Blockchain based digital assets, or tokens, can enable innovative ways to buy and use the underlying carbon offset since they can move and settle swiftly across networks. Tokenization provides increased trust and integrity in the flow of information among trading partners and network participants. Further, integrating the entire process of carbon accounting and offsetting into a digital token on a public, permissioned blockchain network can help make measuring environmental impact, transferring ownership rights, and redeeming the underlying carbon offset more efficient.

The Veridium-issued token will be a new way to address the challenges of global warming. One of the biggest causes of concern is deforestation, impacted by the heavy carbon footprint of mankind. In the past 50 years, the world has lost more than 50 percent of its agricultural land to urban and industrial development1; nearly 40 percent of the world's biodiverse tropical forests have been converted to industrial agriculture2; and up to 80 percent of the world's fresh water is contaminated3.

Veridium plans for its initial tokens to represent carbon accounting and offsetting backed by environmental assets, including Triple Gold REDD+ credits from InfiniteEARTH, another Envision company. InfiniteEARTH authored the first REDD+ forest carbon accounting methodology, a protocol now embodied in the UN Paris Agreement. InfiniteEARTH's Rimba Raya Biodiversity Reserve on the island of Borneo in Indonesia is a 250-square mile rainforest reserve that includes the largest privately funded orangutan sanctuary in the world and home to over 100 other threatened and endangered species.

The collaboration with Veridium is one of many IBM is advancing where new asset backed instruments are being used to transform business. The IBM Institute for Business Value has issued a new Expert Insights paper detailing additional ways tokenization is impacting business, "Moving to a Token-Driven Economy."

About Veridium
Veridium is an Environmental FinTech company producing disruptive sustainability solutions for Fortune 500 companies. Visit www.veridium.io

About IBM
IBM is recognized as the leading enterprise blockchain provider. The company's research, technical and business experts have broken barriers in transaction processing speeds, developed the most advanced cryptography to secure transactions, and are contributing millions of lines of open source code to advance blockchain for businesses. IBM is the leader in open-source blockchain solutions built for the enterprise.

IBM has worked with hundreds of clients across financial services, supply chain, government, retail, digital rights management and healthcare to implement blockchain applications, and operates a number of networks running live and in production.

The cloud-based IBM Blockchain Platform delivers the end-to-end capabilities that clients need to quickly activate and successfully develop, operate, govern and secure their own business networks. IBM is an early member of Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies. For more information about IBM Blockchain, visit https://www.ibm.com/blockchain/ or follow us on Twitter at @ibmblockchain.

1 Worldwatch: http://www.worldwatch.org/node/554
2 FAO: http://www.fao.org/docrep/016/i3010e/i3010e01.pdf 
3 Global threats to human water security and river biodiversity: J. Vorosmarty & P. B. McIntyre, et al

Contact(s) information
Christina Trejo
IBM Media Relations
[email protected] 
848-702-4607

Molly Winik
Veridium Media Relations
[email protected] 
+972-58-443-3219

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/veridium-to-use-ibm-blockchain-technology-to-create-social-and-environmental-impact-tokens-300648379.html

SOURCE IBM

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
Nicolas Fierro is CEO of MIMIR Blockchain Solutions. He is a programmer, technologist, and operations dev who has worked with Ethereum and blockchain since 2014. His knowledge in blockchain dates to when he performed dev ops services to the Ethereum Foundation as one the privileged few developers to work with the original core team in Switzerland.
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...