In the realm of sustainability, blockchain technology stands as a groundbreaking invention. The question arises: Can we harness the power of blockchain technology to advance sustainability goals? Jake Campton, the communications lead and community advocate at VeChain, delves into this topic in episode 51 of Cointelegraph’s podcast, “Hashing It Out,” with Elisha Owusu Akyaw. Campton explores how a Web3 incentive model could guide individuals towards a more sustainable way of life and discusses the challenges of merging these two worlds.
Campton reveals that VeChain has managed to remain relevant throughout various cycles, attributing this growth to their focus on real-world applications and securing significant partnerships. For instance, their collaboration with Walmart has resulted in over 200 million transactions. Enterprises naturally have a desire to transition to blockchain for more efficient data management, instant supply chain tracking and auditing, and the adoption of sustainable practices. However, many businesses hesitate to integrate blockchain technology due to concerns regarding accounting and regulations.
According to Campton, VeChain has excelled in building solutions that enable the use of blockchain in a commercial environment. He acknowledges that companies are reluctant to handle cryptocurrencies, as it can create accounting complexities, especially in the face of unclear regulations. Campton emphasizes how blockchain technology can contribute to a more sustainable world, which has led to the launch of VeChain’s VeBetterDAO. This decentralized autonomous organization powers a decentralized application ecosystem that incentivizes sustainable activities, such as recycling and adopting carbon-emission-reducing practices.
Campton argues that people need incentives to embrace sustainable practices, and blockchain technology offers a platform to create these incentives. Drawing inspiration from various gamification models in the Web3 space, VeChain aims to motivate individuals to adopt sustainable behaviors. Moreover, the network is actively working on porting over Ethereum toolkits to facilitate application development for developers familiar with the space. Additionally, VeChain has developed an application that allows users without coding knowledge to build decentralized applications.
To delve deeper into this topic, listen to the full episode of “Hashing It Out” on Spotify, Apple Podcasts, or TuneIn. And don’t forget to explore Cointelegraph’s expanding collection of Web3 podcasts.
Please note that this article is intended for general informational purposes only and should not be construed as legal or investment advice. The author’s views and opinions expressed here are solely their own and do not necessarily reflect or represent the views and opinions of Cointelegraph.