Multinational manufacturing conglomerate Samsung will be using Cardano’s blockchain for a new project to plant millions of trees.
The tech giant is launching an initiative to help reforest Madagascar in an effort to fight climate change and improve the natural environment. Samsung will rely on Veritree, a blockchain-based, Cardano-powered platform meant to provide a toolkit to environmental restoration specialists and help them collect and manage data.
Mark Newton, Head of Corporate Sustainability at Samsung Electronics America, said they would be using Veritree to plant over two million mangrove trees. Mangroves are highly effective carbon sinks. They capture CO2 from the air and then store it in their roots, branches, and the sediment that collects around them, making them one of the more efficient mechanisms for removing CO2 from the atmosphere.
“Samsung’s sustainability journey is an ongoing and multi-faceted one. Investing in tech innovations, such as those that create efficiency improvements and minimize waste, in combination with nature-based solutions, are vital in the fight against climate change… Drawing on our history of open collaboration, we’re teaming up with Veritree for the tree-planting initiative as an added way to contribute to a better global society.”
According to Samsung’s announcement, Veritree “utilizes blockchain technology to provide Samsung with a fully integrated platform to support field-level data collection, site planning, inventory (tree) management, and impact monitoring.”
Veritree’s system was built to “gather data from day one of tree planting and provide greater transparency into the entire process.”
Derrick Emsley, Co-Founder and CEO of Veritree said, “Our mission is to make it simple to incorporate nature-based solutions into any business model and we’re excited by our strategic partnership with Samsung.”
Really cool https://t.co/O5CdTyVzS4 thanks Samsung!
— Charles Hoskinson (@IOHK_Charles) January 4, 2022
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.