One of the largest electronics manufacturers globally, Samsung, will get exposure to Cardano following its latest partnership with blockchain-based climate solutions platform Veritree. This is according to the head of Brand and Communications at the Cardano Foundation, Sidney Vollmer.
Cardano To Help Samsung Plant 2 Million Trees Using Blockchain Tech
Announced on Monday during the Consumer Electronics Show (CES) in Las Vegas, Samsung Electronics America has teamed up with Veritree to plant over 2 million mangrove trees in Madagascar in the next three months.
The American subsidiary of the South Korean multinational conglomerate believes that mangrove trees capture more carbon dioxide than other tropical trees. The tree-planting project is part of Samsung’s growing efforts of environmental sustainability, particularly pulling carbon dioxide out of the atmosphere.
Veritree, which was developed by Tentree, will be used to provide greater transparency of the planting process. The technology allows tree planters to track trees on their phones from planting sites and connect individual donations to the land areas they helped restore. Veritree records will be stored on the smart contract-fueled blockchain Cardano.
Samsung’s head of corporate sustainability Mark Newton indicated that investing in innovative technologies and “nature-based solutions” is essential in combating climate change.
The Cardano Foundation and Veritree jointly unveiled a first-of-its-kind Initial Tree Offering (ITO) last year. Users can donate 1 ADA token so as to get 1 Tree Token that represents 1 tree. As of now, the ITO has garnered enough donations to plant over 553,000 trees.
People who are able to donate at least 500 ADA will be awarded digital planting certificates and NFTree Art, while those that cough up 100,000 ADA coins will get unique NFTree Art and have their names on the map.
Other than land restoration efforts, Samsung has also boarded the NFT train. The company recently announced a new smart tv lineup with an integrated non-fungible token platform app that can be used for purchasing and trading digital artwork directly from TVs.