IBM helps to issue a Digital Coin for first time 9598 NEW YORK, NY - MARCH 11: A general view of the IBM The International Business Machines Corporation offices on Madison Avenue on March 11, 2014 in New York City. (Photo by Ben Hider/Getty Images)
Roshni Vayyapuri
May 21, 2018 at 4:23 PM

American multinational technology company International Business Machines Corp.,  headquartered in New York, United States is now concentrating on digital toke game. They were already backing blockchain and making headlines in the field of blockchain technology. IBM is collaborating with blockchain company Veridium Labs Ltd. to convert carbon credits into digital coins. These coins will be issued and managed on the Stellar network and can be used for trading on a decentralized exchange.

The prime purpose of this project is “to make it easier and cheaper for companies and individuals to account for their footprint and neutralize the impact they have on the environment,” Jared Klee, who manages blockchain projects at Armonk, New York-based IBM, said in an interview. According to Klee, in the past 10 years, $4.8 billion was spent on carbon credits in the private market.

Tuesday at the Coindesk Consensus 2018, Bridget van Kralingen Platforms and Blockchain senior vice president announced the project.

InfiniteEARTH, Veridium’s sister company will back the tokens by the credits received for the development and management of the Rimba Raya rain-forest in Borneo. The token also allows the process through which companies can measure their environmental impact.

REDD is the carbon credit InfiniteEARTH receives. REDD is created to decrease the emissions from deforestation and forest degradation in developing countries. The main aim is to include more varieties of carbon credits in the future.

This is the very latest move by IBM in the field of the blockchain. In the recent past, Walmart an e-commerce company and world’s largest discount retailer collaborated with IBM blockchain to implement Blockchain in its food business for enhancing transparency in all stages of the supply chain, to help waste production, and waste management.


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