IBM To Issue a ‘Green’ Token On Stellar Blockchain, Replenish The Environment

IBM To Issue a ‘Green’ Token On Stellar Blockchain, Replenish The Environment

The tech titan IBM is emitting its ever-first token. For that, the multinational company, headquartered in New York, will use public blockchain, provided by Stellar.

Notably, by such an act, IBM is going to kill two birds with one stone. Firstly, it will keep adapting to the emerging technologies, and, secondly, it will contribute to the protection of the environment. How? Here are the details.

IBM To Offset Climate Change With… Tokens?

IBM has recently informed that it has signed a deal with an environmental, financial technology startup Veridium Labs, which is also known as “carbon credits” startup. The two are going to partner on the issuance of a virtual token on the Stellar blockchain, Forbes reports.

The novel tokens are called “verde” (which can be translated from Spanish as “green), and they are generated to help environmentally unfriendly businesses compensate the damage. Thus, they will be able to support clout of rainforests in Indonesia.

As it is known, carbon credits are a permit thanks to which countries can produce a particular quantity of carbon emissions. And if the full number of these credits is not used, they can be sold.

This permit is not new. However, it is indeed time-consuming to trace someone’s history of pollution and to check whether the funds were used to replenish the nature. Moreover, it is not that transparent.

Jared Klee, a new blockchain offering manager at IBM, explained that the blockchain could be a solution to this problem. Firstly, the DLT can speed up the tracking process and make it less opaque as, in fact, everybody will be able to get access to it. Secondly, credits will be tokenized, hence, it will be possible to sell them in other ways distinct from fiat transactions.

The “verde” tokens will be built on top of the Stellar blockchain. All the collected funds from their vending will be used to reforest a 250-square territory on Borneo (Indonesia).

Robinhood Crypto and Libertyx Get Licenses From New York State Regulator
According to reports, The New York State Department of Financial Services has issued licenses to crypto-players Robinhood Crypto and Libertyx...
Crypto-Mogul McAfee Admits Not Paying Taxes for 8 Years, Flees the US
John McAfee, a controversial cryptocurrency personality, has fled the US upon being indicted by the country’s tax authorities. The American...
Holds 100 Cryptos, Bluetooth-Enabled: Ledger Presents New Hardware Wallet
As the entire crypto-market is struggling to recover, led by news.Bitcoin.com, Ledger, a hardware wallet producer, has...
In 2018 BTC «Died» 90 Times, While There Were 1,000 «Dead» Altcoins
2018 was a true challenge for bitcoin and its pals. It had many downs, which media and naysayers noted a lot. Many times they designated bitcoin...
Report: Survey Shows People Use Cryptos More For Remittances
People tend to send remittances using bitcoin and its brethren more shows new research by a BLT-centered research company. Such a spike can be...
Unknown Dev Mined Extra 2 Million Bitcoin Private Units, Secretly
Around 2 million coins of Bitcoin Private — an altcoin which bears the name of the «big daddy» — has been premined suspiciously when there was...
Facebook May Issue a Stablecoin to Send Money on WhatsApp — Bloomberg
Has the world just stopped discussing Facebook hiring five blockchain specialists as another news has arrived. Relying on anonymous sources...
«Why Didn’t I Buy it Then?»: As BTC’s $3,700, Experts Ponder on Its Future
As bitcoin has just celebrated the anniversary of its almost $20,000 record, the world does not stop talking about it. After a terrifying dip, on...
Final G-20 Summit Declaration Talks About Crypto-Regulation
G-20 countries might initiate a regulatory oversight regarding cyber-assets. This is an idea they incorporated in a final declaration signed upon the...
Here’s Why Crypto-Market Shed $700 bln Since January
The entire market of cyber-coins lost almost $700 billion since the beginning of 2018. At present, the crypto-ecosystem is going through a massive...