Unveiling Vechain’s ‘Web3 For Better’ Sustainability Whitepaper, Co-developed with Boston Consulting Group
San Marino, 3rd April, 2023, ZEXPRWIRE, Vechain recently launched its new sustainability-focused whitepaper (summarised here), co-developed with Boston Consulting Group, entitled ‘Web3 For Better’. In it, vechain outlines a comprehensive vision for achieving sustainable development by building a ‘Blockchain Biosphere’ – a modular series of ‘ecosystems’ consisting of stakeholders, from individuals to enterprises, tackling specific sustainability challenges that utilise ‘nudge economics’ to drive desired outcomes.
Vechain is well known for its commercial blockchain solutions, built for some of the world’s largest enterprises. By partnering with BCG, vechain will leverage their expertise and reputation in the ESG/sustainability field and tap into a vast client network looking to spearhead a green revolution using blockchain.
Blockchain Biospheres Approach To Sustainability
Vechain’s Blockchain Biosphere is the evolution of earlier concepts such as vechain’s Carbon Credit DApp where drivers of electric vehicles could upload journey data and have their carbon offset calculated by smart contracts. Vechain later launched an updated version in San Marino following an invitation by the San Marino government to help it become the world’s first carbon neutral country.
By leveraging the transparency and provenance capabilities of blockchain, vechain’s blockchain biospheres factor in the ‘positive externalities’ of consumer decision-making such as the ethics or sustainability of a good or service. By doing so, vechain is redefining value by incorporating the idiosyncrasies of individuals often excluded from legacy valuation models. Companies generate better brand stickiness and consumers gain trust in products, helping to create an ecosystem of engagement. Vechain introduces a powerful way to drive sustainable behaviour by creating direct relationships between ecosystem partners who can leverage web3 technologies to offer new ways to engage with their communities.
Powerful Tools Enable The Future of Sustainability
Vechain’s new sustainability ecosystems will be enabled by powerful new tools, such the imminently launched Web3-as-a-service platform, VORJ.
VORJ was built to help ‘Web2’ businesses quickly and easily deploy Web3 services. The platform allows users to simply click, compile and deploy solutions via a simple and friendly UI, creating fungible/non-fungible tokens, minting OpenZeppelin compatible smart contracts or other products with minimal technical knowledge requirements. In doing so, vechain removes a large obstacle for businesses looking to build blockchain-powered solutions.
VeWorld, vechain’s powerful new Web Wallet (mobile and desktop versions coming Q3) also offer game-changing features such as URL-based fee delegation – allowing individuals to use vechain’s blockchain without paying transaction fees, thus removing a key obstacle to adoption.
Other key technical upgrades include the recently deployed carbon footprint explorer, an official sustainability-focused NFT marketplace, data oracles, a DAO development framework and deployment of popular Ethereum tools, including Hardhat and Remix, with many more in the works.
Adoption Through System Integrators
A key adoption vector for vechain is system integrators. A dedicated team is focused on working with ERPs to integrate vechain’s web3-as-a-service products and drive adoption at global scale.
This approach, in tandem with an extensive network of strategic partners, places vechain at the helm of enterprise blockchain development, and aims to see vechain thrive as a core player in the Web3-sustainability revolution.
Vechain, headquartered in San Marino, Europe, is the curator of VechainThor, a world leading smart contract platform spearheading the real world adoption of blockchain technology.
Through leveraging the capabilities of ‘trustless’ data (information without intermediaries), smart contracts and IoT technologies, VechainThor has enabled solutions across a wide array of fields. Vechain now turns its attention to the greatest challenge of all — building digital ecosystems to drive sustainability and digital transformation at global scale.
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