- The Hyundai Motor Company and Kia Corporation have introduced blockchain to monitor CO2
- Built on the Hedera Network, the initiative aims to improve sustainability
DALLAS, Aug. 2, 2023 /PRNewswire/ — The HBAR Foundation today announced that Hyundai Motor Company and Kia Corporation have introduced an AI-enabled, blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) to manage the carbon emissions of business partners, utilizing the energy efficient, highly scalable Hedera network.
Reducing carbon emissions is a critical step toward mitigating the impacts of climate change and in order to succeed, this sustainability data needs to be measured, verified, and reported with accuracy and transparency.
SCEMS is designed to compute carbon emissions at every stage of the supply chain, enabling the auto manufacturers to secure reliable data across its supplier’s business operations, including procurement of raw materials, the manufacturing process and product transportation.
Hyundai Motor and Kia successfully verified the effectiveness of Hedera’s high-performance network and have adopted it to accomplish their critical goal of promptly and securely collecting carbon emissions data, giving stakeholders and investors visibility and confidence in the results.
“Supplier CO2 Emission Monitoring System unlocks a revolutionary approach to managing carbon emissions and combating climate change, ushering in a new era of sustainable supply chain within our cooperative network,” said Seung Hyun Hong, Head of Materials Research and Engineering Center at Hyundai Motor and Kia. “We stand proudly at the forefront of this transformative journey, collaborating with our partners to shape a greener and brighter future for all.”
The implementation of blockchain and AI technology to manage carbon emissions fosters practical climate change mitigation efforts because it enables accurate predictions of future carbon emissions which is crucial when setting meaningful carbon reduction targets.
With this innovative system, Hyundai Motor and Kia ultimately aim to tackle climate change issues by preemptively meeting local and global environmental regulations and establishing sustainable supply chains within the companies and with its cooperative partners.
Shayne Higdon, Co-founder and CEO of the HBAR Foundation, expressed the foundation’s support for the development of sustainable solutions that actively address climate change and promote sustainability practices on a global scale. “Hyundai Motors and Kia’s carbon emission monitoring system builds upon the sustainability work that is one of the key pillars of the HBAR Foundation’s mission. We are proud to support a number of carbon offset and traceability projects that have been onboarded to the Hedera network, as well as climate markets, and projects in conservation, ESG, and energy that enable us to bring the balance sheet of the planet to the public ledger.”
ABOUT HYUNDAI MOTOR GROUP
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all. More information about Hyundai Motor Group, please see: www.hyundaimotorgroup.com
About The HBAR Foundation
The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering and funding the builders developing these communities. The Foundation’s six funds – focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders – each support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem.
The collective power of these funds enables entrepreneurs, developers, and enterprises of all sizes to tackle some of the world’s largest problems, and create and control their own economies, all built on the Hedera public network. Whether you’re building something new or migrating an existing EVM-based application and community, the HBAR Foundation is here to support you. For additional information, please visit https://hbarfoundation.org.
SOURCE The HBAR Foundation