IBM will use Stellar for first crypto token on public blockchain

IBM and Stellar

IBM has partnered with Veridium Labs to tokenize carbon credit, enabling firms to utilize blockchain in tracking their carbon footprint.

The Verde tokens would also contain embedded smart contracts, which would create an immutable accounting database and closely record a company's carbon emission and offsetting process. This, he says, can be made possible by moving the process to a blockchain that can be audited much more easily while at the same time tokenizing the credits in the same way that Bitcoin does in terms of tokenizing monetary value.

For a long time, Veridium Labs has been struggling to crack the question of how to trade carbon offset credits in an open market.

Our engagement with Veridium will mark the first public IBM involvement in a token issuance on a public network.

Todd Lemons, founder of Veridium Labs, said: "We've taken not only this environmental asset, the credit, which is hard to quantify and classify on the balance sheet but then we've also fully automated the process of measuring, selecting and then offsetting just by virtue of integrating the token into the transaction".

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"This "public permission" model is what allows IBM and Veridium to create a market for the buying and selling of the tokenized carbon credits that will also be restricted to participants in accordance with regulatory requirements".

IBM's created ripples in the crypto-sphere in October 2017 after famously using the the digital remittance startup Stellar's native token, lumens (XLM), to settle a cross-border payment with zero fees instantaneously. "Not only does that help create stability for the Stellar network".

"By using a public, permissioned blockchain network, we can help Veridium create a new sustainable marketplace that is good for business and good for the world". He added that the technology will allow companies that are interested in trading their carbon footprint to do so with a lot of ease. The Verde will provide a digital asset solution for customers and Fortune 500 companies to track and reduce the environmental impact of their operations.

What the two blockchains have in common, though, is one of the reasons why the switch early on in development was so easy. One credit is the equivalent to a one ton mass of carbon dioxide. The trading and redemption will be transparent, secure and fast on the Stellar blockchain. "So that the price will be market determined". Each company has a predefined role to play in the partnership and Veridium will be in charge of developing the structure as well as defining the value formula. The initial token sale will first go towards re-foresting a 250 square mile portion of rain-forest on the island of Borneo in Indonesia.

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