Blockchain reforestation with veritree: a model for environmental practices
Many organizations and companies wish to adopt environmental measures. In fact, in a recent study, more than 60% of surveyed companies listed environmental, social, and governance (ESG) practices as a chief priority, with more than 80% planning to increase the investment in sustainability. But they often do not know how to track their efforts or have no way of confirming their investment is resulting in actual, long-lasting contributions. Amidst this reality, veritree stands out as a striking instance of integrity and trackability.
While the tree planting industry faces frequent accusations of double counting, experiencing an overall deficit in frankness that results in generalized lack of trust, veritree effectively solved these problems by using the cardano blockchain. With our on-chain metadata capabilities, the data becomes permanent, immutable, and always available for consultation. In this way, veritree manages to easily store and share GPS coordinates, photos, and other specific information about the forest restoration being accomplished. Due to blockchain’s traceability and transparency, veritree’s platform connects consumers directly to their trees, letting them verify the ownership and observe both the trees’ growth and environmental impact.
Blockchain forest restoration allows for monitoring, tracing, validation, and permanence of the planted trees, thus creating trust for sponsoring companies, planters, and end consumers alike. When applied to other sustainable development goals (SDG), or to other projects doing good, this blockchain approach can provide endless possibilities.
The Cardano Forest – veritree redeems another 125 thousand verified trees for our forest
Reforestation could be one of the most inexpensive and successful ways of capturing carbon from the atmosphere. When done properly and transparently, nature-based solutions possess untapped potential to combat climate change while creating significant positive impact on local communities, the economy, and the environment. It is an amazing power, but we must intentionally activate it.
At the Cardano Foundation, we strive to play our part and continue our journey towards becoming a carbon neutral blockchain. During the Cardano Summit 2021, we partnered with veritree to create our very own forest—the Cardano Forest.
The efforts to solve the climate crisis require everyone’s contribution. So we wanted to directly involve our community in this nature-based solutions initiative. We gave them a direct challenge: donate 1,000,000 ada to plant 1 million trees, each of them connected to a token record of ownership. Registered on Cardano’s blockchain, these certificates allow every donor to verify the exact location of their tree, the type of vegetation planted, or which local planters got involved in the process.
Plantation started last year in Kenya. Now, on Earth Day 2022, another 125 thousand trees will be redeemed, supplying owners with a verifiable token for each tree.
veritree’s restoration platform connects nature-based solutions with mission-driven companies ready to lead the restorative economy. Built on Cardano blockchain technology, it brings transparency, accuracy, and traceability in global restoration efforts, giving all business models the opportunity to reforest in an accountable and auditable way. Everyone involved can have confidence in the process and therefore trust is created.
Our multifaceted partnership with veritree provides a perfect example of the real-world capabilities and value of a public, permissionless blockchain. It can offer real advantages to sustainability. Especially when backed by a strong, engaged community. On this Earth Day, we encourage others to join us in collaborating as a community towards solving the climate crisis.