VeChain conveyed news on 24 July about a Memorandum of Understanding (MoU) signed between the Republic of San Marino Secretary of State with other stakeholders.
VeChain informed at length that the Republic of San Marino Secretary of State for Industry, Trade, Business, Cooperation, and Telecommunications, Republic of San Marino Innovation Institute S.p.A, DNV GL Business Assurance Group AS and VeChain Foundation Limited were the collaborating bodies. VeChain and DNV GL, together with San Marino Innovation, would guide the nation toward the adoption of blockchain technology.
Andrea Zafferani, Republic of San Marino Secretary of State for Industry, Trade, Business, Cooperation, and Telecommunications expressed –
“We are particularly proud of this Memorandum of Understanding that certifies the Republic of San Marino as the ideal place to foster a culture of experimentation and bring blockchain to our everyday lives. We’ll give life to a project that will directly engage citizens and reward their sustainable behavior, while also meeting the country’s demands in regards to CO2 emissions reduction, water-saving, and waste disposal and management. Our ambitious goal is to become the first zero-emissions country in the world.”
VeChain clarified that the development was part of San Marino’s strategy to develop, promote, and deliver a full suite of technical innovation to facilitate digital transformation. The blockchain firm sustained by adding that the “San Marino Low Carbon Ecosystem” was proposed by DNV GL, in collaboration with VeChain. The entity aimed to reduce carbon dioxide emissions and foster efficient business models.
VeChain shared insight that the platform would encourage green practices such as water saving, waste disposal, and management. The blockchain firm highlighted that the practices would be rewarded through a utility token, the San Marino Innovation Token (SMIT). VeChain clarified that the introduction of the low carbon ecosystem represents a first global example of creative rewards. The incentives flow from a national body to the citizens.
VeChain informed that ENN, one of the largest energy service providers in China, is leveraging VeChainThor blockchain. VeChain commenced by setting the scene on the vast Chinese Liquefied Natural Gas (LNG) market. VeChain shared staggering statistics on the consumption of LNG in China adding that the requirement was growing. ENN had resorted to VeChainThor Blockchain for optimized quality control plus supply-chain management.
VeChain suggested that this would be the first use case of SMIT within the Republic. The blockchain firm opined that in the future, working groups among the two partners involving technical and legal specialists would be established. This would be in a bid to guarantee swift and effective operations.