(Credit: Pixabay)Fujitsu and IHI Corporation announced the latest progress on their joint venture targeting carbon neutrality and the creation of an environmental value distribution platform that supports environmental value transactions.
The two companies began work in 2022 on a "J-Credit Easy Generation" that would simplify the environmental value creation process, including the collection, verification and reporting of data such as CO2 emissions, and prepare the issuance of a J-Credit. The joint project works by converting “CO2 emissions reductions calculated using data collected at IHI's IoT platform 'ILIPS (IHI group Lifecycle Partner System)' into tokens that can be distributed on the environmental value exchange market using Fujitsu's ConnectionChain blockchain technology, which securely interconnects different blockchains,” the companies said.
Fujitsu is a Japan-based multinational IT company, and IHI Corp is a Japanese engineering firm.
Through the platform, companies can convert their environmental contributions, such as CO2 emissions reductions, into J-Credits. The joint venture was selected by Japan’s Ministry of the Environment as collaborators for the "Outsourcing of Research and Development towards Digital Technology Utilization in FY 2023 J-Credit System. With blockchain technology, Fujitsu aims to build a sustainable value chain model for buyers to trade J-Credits.
The project’s intent is to demonstrate the process from monitoring to issuing J-Credits by utilizing IoT and blockchain technology. The project has three phases:
