Samsung Uses Blockchain to Fight Global Warming
Samsung plans to plant two million mangrove trees in Madagascar. The tree-planting will be controlled by Veritree, a blockchain-based climate solutions platform.
Samsung representatives announced their plans to combat climate change at the CES Tech Conference in Las Vegas on January 3, 2022. The Korean corporation intends to plant a mangrove forest in Madagascar. In total, about two million trees are to be planted, which will help to sequester CO2 from the atmosphere.
The planting is planned in collaboration with Veritree, a blockchain solutions provider for environmental projects. Veritree’s technology will enable information about each tree planted to be recorded on the Cardano blockchain.
Veritree launched the tree-planting initiative with Cardano support in 2021. Users can donate one ADA in exchange for planting one tree. The initiative was called Initial Tree Offering (ITO) and has raised nearly 554,000 ADA. The initiative will run through the end of 2022, with the first tree planting sessions scheduled to begin in Q1 2022.
Veritree plans to plant one billion trees by 2030.