Electronics giants, Samsung, has revealed that it would be collaborating with Veritree during its CES tech event currently held in Las Vegas. Veritree, the blockchain-built climate solution project, plans to plant at least 2.5m trees in Madagascar 90 days from today.
Protecting The Universe Through Climate Change
The project tracks the reforestation process through distributed ledger technology and confirms the planting of each tree. Samsung is partnering with Veritree as part of its support for environmental sustainability, especially the quest to ensure that the environment is rid of carbon dioxide. Veritree hopes to eliminate one billion pounds of Carbon dioxide by planting trees in about 250 hectares of land within the next 25 years.
The tree planting is an initiative of Tentree. Tentree will provide logistics support for Veritree; Tentree is a clothing firm that sets aside a portion of every clothing item they sell to plant at least ten trees. Besides the logistics, Veritree handles other aspects of the tree planting process such as data collection, site plan, tree stock-list and tracking the effect of each tree planted. The tree planters establish a digital map for each tree by using their mobile device to track each sponsored tree that is planted.
Why Samsung Is Supporting This Initiative
One of Samsung’s top-level executives, mark newton, commented that Samsung’s partnership with nature-inclined blockchain-built tech is part of its renewed commitment towards protecting the climate. Samsung further stated in its official announcement that part of its reason for supporting this initiative is that it understands that mangrove trees are among the natural solutions for sequestering carbon dioxide.
Samsung also remarked that it would participate in these reforestation efforts by working locals, especially the Mahajanga community, whose village has mainly been affected by deforestation. The electronics giant hoped to plant at least one and a half million trees before the end of Q1 2022.
Samsung’s Smart Inroad Into The Crypto Industry
Samsung has been making smart moves in the cryptos sector. It started by using renewable energy for its manufacturing activities. Then, on January 3, it announced incorporating an NFT platform to its next batch of smart TVs. The tech giants remarked that the rising interest in NFTs had prompted the need to integrate TV viewership with blockchain-related capabilities.
While Samsung hasn’t disclosed the NFT marketplaces it intends to incorporate with its TV, it promised that the new addition would not negatively impact the smooth working of other features, especially image quality. Integrating an NFT marketplace into its TV shouldn’t be a surprise, given that the company has been active an investor in NFTs and metaverse-related projects.
Investors’ interest in the NFT and metaverse sector is yet to wane, so many of those projects can expect not to be short of investors when they come out to raise funds. One of Samsung’s latest investments is participating in a Series A funding of Ready Player Me (a metaverse-related project). Coca-Cola and Visa are other top institutional investors who recently jumped on the NFT bandwagon.