Published: Thu, May 17, 2018
Industry | By Terrell Bush

IBM to Launch World's First Corporate-issued Token; Chooses Stellar's Blockchain Platform

IBM to Launch World's First Corporate-issued Token; Chooses Stellar's Blockchain Platform

Developed in partnership with carbon credits startup Veridium Labs Ltd., the "verde" token will be issued on the Stellar blockchain, and are created to give enterprises that pollute the environment a way to offset that damage by supporting a patch of Indonesian rainforest.

US -based multinational company IBM and Hong Kong's Veridium Labs have chose to join their forces and expertise with a view to utilize blockchain, the distributed ledger technology for enhancing the efficiency in the carbon-credit market and facilitating the process of offsetting carbon credits.

A carbon credit is a permit or certificate allowing a holder to emit a certain amount of carbon dioxide and other greenhouse gases. For context - a recent survey found that 63.4 million tons of carbon dioxide equals $191.3 million in carbon credits.

Veridium Labs chairman, Todd Lemons, said that for a long time, many companies with the best intentions have found it hard to account for complex carbon credits and this system will help to get rid of the problem. The International Panel on Climate Change (IPCC) introduced their carbon credit proposal as a market-oriented mechanism to slow worldwide carbon emissions.

Jared Klee, IBM's blockchain offering manager, said: "We're creating a fungible digital asset, a token which part of the goal is to create a market where people can buy, sell, trade and then redeem it for the underlying credits".

With global warming threatening the very existence of longevity of our ecosystem, any step towards the reduction in carbon footprint should be welcomed. The Verde will provide a digital asset solution for customers and Fortune 500 companies to track and reduce the environmental impact of their operations.

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IBM (NYSE:IBM) is partnering with Veridium Labs based in Hong Kong to apply blochchain so as to boost efficiency in the carbon-credit market as well as simplify the whole process of offsetting carbon credits.

The move marks the first instance of a multi-billion dollar tech corporation being directly involved in a token issuing process and lays the groundwork for such further occurrences. Founded in 1911 as a manufacturer of various types of machinery, it released its first commerical computer in 1964 and by the 1970s had a near-total monopoly on the market.

In a world where blockchain is getting highly accepted with time, many MNC's consider using the blockchain technology for the betterment of their company. It runs on light and costs less than ten cents to manufacture.

Stellar Lumens is an open-source blockchain network created by Jed McCaleb, who also created Mt Gox and co-created Ripple.

Klee was quick to note out that the carbon enterprise token would make use of IBM's permissioned blockchain as well.

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