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AI and blockchain-based solution helps establish a sustainable supply chain with business partners
The HBAR Foundation announced that Hyundai Motor Company and Kia Corporation have introduced an AI-enabled, blockchain-based Supplier CO2 Emission Monitoring System 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.
See related article: Hyundai and LG Energy Team To Build $4.3 Billion EV Battery Plant in U.S.
“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.”