HomeNewsVeChain (VET) and Oxford University Join Forces to Revolutionize Blockchain Adoption

VeChain (VET) and Oxford University Join Forces to Revolutionize Blockchain Adoption

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  • VeChain uses a Proof of Authority (PoA) consensus mechanism, significantly more energy-efficient than traditional Proof of Work (PoW) systems.
  • VeChain’s blockchain technology is not just about minimizing energy consumption; it actively promotes sustainability in various industries.

VeChain, known for its pioneering role in blockchain technology, is making strides toward creating a more sustainable world. In contrast to traditional blockchains like Bitcoin, which rely on energy-intensive Proof of Work (PoW) mechanisms, VeChain employs a Proof of Authority (PoA) model. This approach marks a significant shift towards more eco-friendly blockchain operations.

Proof of Authority: A Sustainable Alternative

The PoW algorithm, used by networks like Bitcoin, demands substantial computational power, leading to high energy consumption—comparable to the energy usage of entire countries like Sweden. VeChain‘s PoA, however, offers an energy-efficient alternative. In this model, selected validators, based on reputation or identity, are responsible for maintaining network integrity and security. This system requires significantly less energy as validators do not need to continuously run hardware for mining purposes, thereby reducing the carbon footprint of the network.

Research by Centre Testing International Group Co. Ltd. highlighted that running the entire VeChain blockchain for a year consumes as much energy as just 2.4% of mining a single Bitcoin or processing 4.3 Bitcoin transactions.

Beyond Energy Efficiency: Promoting Sustainable Practices

VeChain‘s commitment to sustainability extends beyond reducing energy consumption. The foundation actively applies blockchain technology in various sectors to foster sustainable product creation and living.

Traceability and Transparency in Supply Chains

One of the remarkable applications of VeChain’s blockchain is in enhancing supply chain transparency. For instance, the MyStory service, built by DNV on the VeChain blockchain, enables consumers to make informed choices by tracing the origin and quality of food products. This ensures that the products are produced using sustainable methods, promoting responsible consumption.

Facilitating Circular Economies and Renewable Energy Adoption

VeChain‘s blockchain plays a crucial role in promoting circular economies by enabling efficient resource use and waste reduction. It aids in tracking renewable energy technologies, verifying their usage, and fostering the adoption of eco-friendly solutions.

Carbon Credits and Waste Reduction

The carbon credit platform developed by VeChain, in collaboration with BYD, DNV, and others, allows companies to offset their carbon emissions, contributing to a low-carbon economy. By providing detailed product journey records, VeChain also helps identify supply chain inefficiencies, reducing waste and environmental impact.

VeChain‘s blockchain technology is poised to significantly contribute to a more sustainable world. By promoting transparency, resource efficiency, and environmental responsibility in business operations, it empowers companies to mitigate their environmental impact and work towards a sustainable future. However, achieving true sustainability requires a collective effort from all stakeholders, including businesses, governments, and consumers, to embrace and support sustainable practices.

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Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628