Samsung has partnered with Cardano Foundation partner Veritree in its land restoration efforts
Tech giant Samsung will now be exposed to Cardano through its recent partnership with blockchain-based plantation management system Veritree, according to a tweet posted by Sidney Vollmer of the Cardano Foundation.
Meaning: Samsung will now be exposed to #cardano
– Sidney Vollmer (@SidneyVollmer) January 4, 2022
The American subsidiary of the South Korean juggernaut aims to fight climate change by planting two million mangroves in Madagascar, an island country located in East Africa.
Mangrove forests are estimated to store more than ten times more carbon dioxide than other tropical forests.
The partnership was announced at the annual Consumer Electronics Show (CES) held in Las Vegas.
Mark Newton, head of corporate sustainability at Samsung Electronics America, said in a statement that investing in innovative technologies was “vital” in the fight against climate change:
Investing in technological innovations, such as those that improve efficiency and minimize waste, in combination with nature-based solutions, are essential in the fight against climate change.
The Cardano-Veritree partnership
Veritree’s reforestation verification records will be stored on the Cardano blockchain. The technology makes it possible to verify data from plantation sites and to link each individual donation to the area of land it has helped restore.
Last year, the Cardano Foundation launched the very first Initial Tree (ITO) offering with Veritree. Users can donate 1 ADA token in order to receive 1 Tree Token which represents a tree. At the time of going to press, ITO has raised enough contributions to plant 553,900 trees.
Users who donate at least 500 ADA will receive digital planting certificates as well as “NFTree Art”.
Highballers who pay 100,000 ADA tokens will be able to obtain a “unique” NFTree art as well as their name on the card.
Tree planting sessions are expected to continue until the end of 2022, according to a roadmap presented by Veritree.
Ultimately, Veritree plans to plant one billion trees by 2030.