Cardano and Samsung team up to tackle climate change
The climate crisis is, without a doubt, one of the most significant challenges for humanity. And if we are to tackle it, we need actionable strategies. Blockchain is one solution that can substantially help in combating climate change. Several initiatives have deployed this tech to track institutions' carbon footprints.
One such initiative is the Cardano Samsung partnership for a massive planting drive. The tech giant Samsung has launched a new project with Cardano's Veritree for reforestation, aiming to provide nature-preserving solutions.
Let's learn how this smartphone enterprise is leveraging a crypto-based platform to tackle climate change!
Cardano Samsung partnership
At the beginning of this year, one of the world's most renowned smartphone manufacturing companies, Samsung, launched a project to confront climate change. The company joined forces with a plantation management firm, Veritree. The plan of this project is the conservation of forests in Madagascar.
The Veritree platform assists in environmental solutions by leveraging blockchain tech. The Cardano Network powers this platform. That's why Samsung would collaborate with the ADA token blockchain for its eco-friendly initiative. Together these firms will be working on the reforestation of Madagascar forests with Mangroves.
Cardano Samsung tree planting drive via Veritree
Veritree is an innovative firm that offers reforestation as a service. Its plantation management system has a verifiable mechanism to bring transparency. The firm aims to plant over 1 billion trees in a decade by assisting different companies in their eco-friendly projects.
This project is taking place in different regions of the Republic of Madagascar. These regions include Mahabana, Kandrany, and Mariano Mangrove. For this purpose, Mangroves are selected as they can quickly grow in these coastal regions. Veritree set the target of planting 2,000,000 trees in the first quarter of 2022 and has successfully achieved it.
Since a verifiable system is used, anyone can track the stats for this plantation drive. Besides the tree count, it shows the area covered, and the tonnes of CO2 absorbed from the environment due to reforesting. According to their stats, reforestation has covered 200 hectares and reduced approximately 431,225 tonnes of CO2 from the environment.
What lies ahead for Cardano and Samsung?
Samsung is a tech giant that primarily deals in smartphones and other electronics. On the other hand, Cardano is a famous blockchain ecosystem that includes various DeFi projects. Both of them are quite distinct from each other. Yet, they share one common goal: to thrive in the crypto space and reduce atmospheric carbon emissions.
The smartphone behemoth has already announced plans to enter the space. Samsung plans to build a crypto exchange in South Korea by 2023. It also aims to develop a unique NFT marketplace which consumers can explore through their smart TV. It will be an in-built feature in the company's smart TVs that will supposedly make trading NFT easier; a few reports suggest that the brand might leverage the ADA's blockchain for its marketplace.
Cardano's network is one of the most popular blockchains. However, it has not yet reached the level of its competitors because of its low price. That's why its plans also involve experimenting with novel ideas like Veritree.
The protocol recently went through a hard fork upgrade to upscale its performance. The network might also seek expansion in African countries. So, it may create an opportunity for this network to work with the tech giant on other projects. Not only that, Cardano is planning numerous on-chain and off-chain developments. This may include increasing block size, updating Plutus, and improving nodes.
Samsung and blockchain technology
A smartphone manufacturer's name is not common in the crypto world. However, this company is looking to change this trend. The Cardano-Samsung partnership is not the only instance for blockchain use.
The Samsung blockchain is already live. It includes a Keystore and wallet that you can use to process your daily transactions. A decentralised crypto exchange is also part of the plans to enter the crypto world, which is planned to roll out in 2023. As the company is looking to capitalise on the crypto market, exposure to Cardano via Veritree can be beneficial.
Author: Wasay Ali
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