On August 2nd, the blockchain platform Hedera shared exciting news about its collaboration with two leading South Korean car manufacturers, Hyundai and Kia, to build an advanced Carbon Dioxide (CO2) monitoring system called SCEMS.
SCEMS has been designed to calculate the carbon emissions at every stage of the supply chain for both Hyundai and Kia. This allows the companies to securely track business operations of their suppliers, including sourcing raw materials, production processes, and product transportation.
The noteworthy aspect is that the deployment on the Hedera blockchain ensures data integrity and transparency throughout the entire supply chain. This is crucial in their efforts to combat climate change and establish sustainable supply chains for both Hyundai and Kia, as well as their partners. It marks a significant milestone towards sustainability in the automotive industry.
Hedera operates as a blockchain network similar to Ethereum, supporting Smart Contracts and enabling the development of decentralized applications (dApps) using Hashgraph data structure and a consensus algorithm. This empowers a new platform for decentralized consensus.
Earlier, the largest financial institution in Taiwan, Shinhan Bank, and the oldest bank in South Korea, conducted tests using Hedera for international money transfers and verifying the feasibility of Hedera for worldwide EVM-based stablecoin issuers. Additionally, Hedera has surpassed a milestone of 16 billion daily transactions.
Following the spread of news about this collaboration, the native token of the Hedera network, HBAR, experienced a slight increase. As of now, HBAR is trading around $0.053 USD, representing nearly a 4% rise in the past 24 hours.