A new blockchain that will use low energy and offset its emissions by helping determine market value of products and thus encouraging their reuse is being released by digital trading company Mattereum.
Mattereum says its goal is to help create a circular economy by helping markets realize how products are produced and what the sustainable impacts of their manufacturing and shipping processes were. It hopes by having this information produced by the blockchain and readily available to the market will encourage manufacturers to make products that are durable and can be resold and reused overtime, producing less waste and lowering the carbon output of goods.
The company says it is the first completely net zero blockchain, and its digital technology and marketplace will help users link products with the source and specifications of the goods so that they can be accurately valued. The company believes by being properly valued, products will continue to be redistributed and used over time and that will lessen their impact.
A blockchain is a data source that connects various information chronologically together over time. The Mattereum technology is being developed by Ava Labs.
The use of the technology is becoming more common as companies try and gather accurate information to help them increase their sustainability practices.
BlockApps recently released a blockchain that will help industries track and report emissions to help with compliance processes. It also offers lifecycle analysis of products, similar to the Mattereum offering.
Earlier in 2021, metals and mining corporation Rio Tinto launched a sustainability label for aluminum based on blockchain technology. The company also plans to use the information to help customers improve sustainability offerings and support sourcing goals.
“Tens of billions of tons of new goods are manufactured every year, much of it unnecessary, creating tremendous waste which in turn drives vast carbon emissions,” says Mattereum CEO Vinay Gupta. “A circular economy marketplace that enables the efficient re-use of existing goods can massively reduce humanity’s total carbon footprint.”
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