Leading payment services provider, MasterCard is set to incorporate carbon footprint tracking via its blockchain-based Provenance Solution. This will enable consumers to keep a check on carbon emissions through their purchases.
MasterCard to Track Carbon Footprint to Incorporate Into its Blockchain-based Product
MasterCard is working on tracking the carbon footprint of its partners and incorporate the data into its blockchain-based product tracking technology.
Speaking on April 21 as part of the Australian Blockchain Week, Mastercard’s Head of Digital Assets and Blockchain APAC, Ashok Venkateswaran said:
“We’re developing partnerships with potential companies which are producing this carbon neutrality, carbon credit so to speak, and as we build up this relationship, we can acquire these carbon credits from these farms, and finally adding that into our provenance solution, we’re able to track it.”
Mastercard’s Provenance Solution built on its proprietary blockchain was developed to assist brands in tracking food products to provide visibility to the supply chain process.
Building Transparency Into Modern Supply Chains
Venkateswaran explains that once the company is tracking and storing the carbon footprint on its blockchain, it can break it down into the level of a “coffee cup or even a t-shirt,”:
“So every time you purchase a bag of coffee or have a cup of coffee, you’re actually using or putting back into the system the number of credits that are just tagged at a particular cup of coffee or a bag of coffee that you buy.”
The system will provide minute details ranging from whether consumers can choose a more environmentally friendly cup of coffee or a sustainable T-shirt. This will be possible by interacting with the carbon credits directly related to that item, represented by an NFT and a unique marker.
“So at the end of it, you know, we’re using technology, which is out there using the data which is available to bring everything together to make a direct impact on the environment,” he adds.