Using blockchain to track energy use can be a real eye-opener. Using a third-party standard to understand the difference between energy use from a fossil-fuel-powered electrical grid gives any business the opportunity to begin moving toward more sustainable choices. Incorporating green energy sources into any production system will allow a business to begin to move toward sustainability. Using a smart contract system will allow a company to document and verify its sustainability measures, including its reduction in carbon emissions. This allows a sustainability metric that has great potential.
With distributed ledger technology, Verity Tracking can help businesses create value based on emissions reductions and demonstrate how to use renewable energy sources more effectively. When an end product can see improvement of its value through sustainability measures used throughout its production processes, that demonstrates added value. It has potential to be an economically viable way to increase use of renewable energy and other sustainability measures.
Tracking the Benefits of Wind Energy and Solar Power
Renewable sources including wind energy, generated by wind turbine generators, and solar energy, generated by photovoltaic panels, are ways to power a business and manufacturing processes but without the carbon footprint of fossil-based energy sources. Reducing the release of carbon emissions has value, represented by carbon credits.
Verity Tracking uses smart contracts to track, document, and certify the cumulative carbon reductions and sustainability that come from renewable energy use and industrial processes. Smart contracts are transaction protocols that automatically document legally relevant events and execute actions according to the terms of a contract. Because Verity Tracking smart contracts are managed through distributed ledger technology powered by blockchain, the agreement is considered secure and immutable, and we see great value in showing a value for sustainability.