Enabling transparent measurement, verification and reporting across the entire supply chain
The launch of Hyundai Motor Company and Kia Corporation’s blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) on the Hedera mainnet demonstrates two main points that the Hedera community should be excited about:
SCEMS is designed to compute carbon emissions at every stage of the supply chain, enabling Hyundai Motor and Kia to secure reliable data across its supplier’s business operations, including procurement of raw materials, the manufacturing process and product transportation.
“Blockchain technology holds the key to a revolutionary approach in managing carbon emissions and combating climate change, ushering in a new era of sustainable supply chains within our cooperative network,” 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.”
Reducing carbon emissions is a critical step toward mitigating the impacts of climate change and in order to succeed, data needs to be measured, verified, and reported with accuracy and transparencySCEMS also integrates AI technology, making it possible to set carbon reduction targets and accurately predict future carbon emissions.
The combination of AI technology and the high-performance Hedera network enables Hyundai Motor, Kia, and their partners to preemptively meet local and global environmental regulations and establish sustainable supply chains. SCEMS enables regulators, stakeholders, and investors to have complete visibility and confidence in the data.
For Hyundai Motor and Kia, it empowers partners to establish carbon reduction targets and precise forecasting of future carbon emissions.
For our ecosystem, it's another mile marker of success resulting from a multi-year institutional ESG strategy that enables us to bring the balance sheet of the planet to the public ledger.
ABOUT HYUNDAI MOTOR GROUP
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group's mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all. More information about Hyundai Motor Group, please see: www.hyundaimotorgroup.com
About The HBAR Foundation
The HBAR Foundation supports the creation of Web3 communities built on the Hedera network, by empowering and funding the builders developing these communities. The Foundation’s six funds - focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders - each support communities within those areas, and the interconnectedness enables applications to participate as part of a larger ecosystem.
The collective power of these funds enables entrepreneurs, developers, and enterprises of all sizes to tackle some of the world’s largest problems, and create and control their own economies, all built on the Hedera public network. Whether you’re building something new or migrating an existing EVM-based application and community, the HBAR Foundation is here to support you. For additional information, please visit https://hbarfoundation.org.