Blockchain Reforestation: Samsung, Veritree, and Cardano to Plant 2 Million Trees
Samsung has announced plans to plant millions of trees in Madagascar to reduce the firms’ carbon footprint. This is part of the tech giant’s commitment to plant 2 million trees and reclaim 200 hectares of land in 2022. The initiative sees them partner with Veritree, a nature-based solution platform, and utilize the Cardano blockchain. The project is expected to be completed within the first quarter of 2022.
Samsung’s Blockchain-Fueled Eco Initiative with Cardano and Veritree
With a history of interaction with the blockchain, Samsung intends to now use the technology to support a healthy climate and planet. The tree-planting initiative is an extension of its “Everyday Changes. Meaningful impact” ad campaign of November 2021. It further affirms the company’s commitment to a sustainable future where existing technologies help reduce carbon dioxide (CO₂) in the atmosphere.
The sustainability action will see Samsung collaborate with on-the-ground experts from Eden Reforestation Projects and community members. The partnership will lead to two million mangrove trees being planted near Madagascar’s Mahajanga area. The coastal region currently faces ecological difficulties due to massive deforestation. Over 25 years, the tropical trees are predicted to recover approximately 200 hectares of land and sequester about one billion pounds of CO₂.
Mangroves are some of the world’s most effective natural carbon sinks — sites where CO₂ is caught and stored, eliminating it from the atmosphere. Mangrove roots, typically submerged in water all year, store CO₂ in the submerged soil beside the tree’s trunk and limbs.
Forests in drier regions, such as North America, absorb and store less carbon dioxide than mangroves. It would take between 50 and 100 years for a US forest to capture the same amount of carbon as a mangrove forest.
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Samsung to Plant 2 Million Trees Explained
Samsung will partner with Veritree to provide a verified tree-planting approach to the endeavour. The agreement allows for the harnessing of blockchain technology to verify and track every step of the reforestation process.
Veritree is a blockchain firm that uses existing technologies to verify and amplify nature-based solutions to climate issues. It has so far helped plant more than 72 million trees globally. Their blockchain-based reporting systems connect their partners to the real-world impact of their tree planting efforts.
Veritree will monitor Samsung-supported trees for reliable reporting data and effect analysis using an integrated planting management system. This approach is designed to address the issues with tree planting and nature-based solutions around the world. These challenges include; double-counting, insufficient monitoring for permanency, and the inability to acquire accurate local data.
By implementing a distributed database network, every project’s aspect can be monitored and verified accurately. This ensures transparency of all information regarding the initiative from field-level data collection, site planning, inventory (tree) management, and impact monitoring.
The entire monitoring system uses smart contracts deployed on the Cardano blockchain to track implementation. Last year, the Cardano Foundation and Veritree announced a first-of-its-kind Initial Tree Offering (ITO).
Users can donate one ADA token to receive one Tree Token representing a tree. Those who donate at least 500 ADA receive digital planting certificates and NFTree Art. Those who donate 100,000 ADA receive unique NFTree Art and have their names listed on the map. Since its inception, the ITO has garnered enough donations to plant over 553,000 trees.
Real-World Blockchain Use Cases Continues to Rise
Blockchain uses extend far beyond cryptocurrencies such as bitcoin. Its ability to increase openness and fairness while saving businesses time and money is impactful in several sectors. These range from real estate processing, supply-chain management, data security to make the government run more efficiently.
Veritee provides a clear example of a real-world use case of blockchain technology and how disruptive it can be. However, some other companies are also employing it to solve existing problems. AirBnb’s CEO, for example, has said he plans to explore crypto payments on the platform.
Cardano has also announced a partnership with Pezesha to build a peer-to-peer financial operating system in Africa. According to UsefulTulips, Africa has been at the forefront of p2p transactions, with Nigeria ranking second to the US in market share.
Do you see blockchain technology being used increasingly to solve real-world issues? Let us know in the comments below.