Real Estate Giant Inks Deal With VeChain in Blockchain Sustainability Push

September 02, 2021, 10:15 AM AEST - 3 weeks ago

Jones Lang LaSalle Incorporated (JLL), a global commercial real estate services company with offices in 80 countries, has recently partnered with blockchain platform VeChain as part of the company’s greater push towards sustainability.

VeChain Steers JLL Towards Sustainability

As JLL is a real estate services provider and rational commercial actor, this push is no doubt driven by increased levels of client demand for sustainability practices within the sector.

In JLL’s recent China-focused sustainability report , it found that 66 percent of Chinese corporations have incorporated carbon emissions reductions into their real estate strategy. In addition, it also found that the vast majority of occupiers proactively planned to prioritise locations that would help them reduce carbon emissions in the future.

The big challenge, however, was the “lack of consistent and validated carbon data” which posed a “huge reporting challenge”. What’s the point of going green if you can’t prove it to your shareholders?

VeChain was sought as a solution to help deliver consistent and transparent data and help the company move towards its net-zero carbon goal.

Reimagining Building Management

In reimaging how blockchain could manage an entire building, VeChain considered three main scenarios:

1. For Owners/Developers – Easy Traceability of Full Lifecycle Carbon Footprint

Blockchain could help with the authenticity, consistency and integrity of carbon emissions data generated during the construction, operation, maintenance and renovation/demolition phases of a building.

2. For Enterprise Tenants – Better Choice of Green Office Space With a ‘Carbon Label’

For corporate tenants with sustainability goals, choosing green office space with a transparent carbon label will help companies demonstrate responsibility to reduce associated carbon emissions.

3. For Enterprise Employees – Incentives For Low-Carbon Behaviour

Blockchain technology, combined with computing models provided by third-party services, can effectively and authentically record individual behaviours and transform data into value which can be rewarded and used to incentivise action by tenants or employees of the tenants.

Other VeChain Use Cases

Vechain describes itself as a public blockchain providing the “best resources to anyone who wants to solve real world economic problems”.

Earlier this year, micro-nation San Marino leveraged VeChain for the issuance of its NFT-based digital vaccine passports, while a Danish company used it to verify the removal of over three tonnes of plastic waste from the ocean.

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