Automaker giants Hyundai and Kia have opted for blockchain technology to build a new carbon emissions monitoring system. The altcoin that the duo will work with is gaining momentum in terms of price.
Hyundai and Kia chose this altcoin network for their new CO2 emission monitoring system
Hedera (HBAR), a company known as Ledger technology and crypto economy platform, is back on the agenda with a new collaboration. The altcoin project has also been in contact with the banking industry recently.
On August 2, Hedera announced the launch of a new partnership with Hyundai Motor Company and Kia Corporation. The collaboration aims to build a Blockchain-based Supplier Carbon Emissions Monitoring System (SCEMS).
1/ (@Hyundai Motor Group) @HMGnewsroom has announced the implementation of a Supplier CO2 Emission Monitoring System (SCEMS) – successfully integrated with #Hedera to ensure data integrity and transparency throughout their supply chains. @Kia @GenesisUSAhttps://t.co/4gNXlzolu1 pic.twitter.com/14yZn25EvC
— Hedera (@hedera) August 2, 2023
In the press releases, Seung Hyun Hong, Head of Hyundai Motor’s Engineering Center, highlighted:
The Supplier CO2 Emissions Monitoring System unlocks a revolutionary approach to managing carbon emissions and tackling climate change, ushering in a new era of sustainable supply chains within our cooperative network. We proudly stand at the forefront of this transformative journey by collaborating with our partners to shape a greener and brighter future for all.
Why HBAR?
The application of Blockchain and AI technology to manage carbon emissions spurs climate change mitigation efforts. With this innovative system, Hyundai Motor and Kia ultimately aim to tackle climate change challenges by preemptively meeting local and global environmental regulations and establishing sustainable supply chains within companies and with collaborative partners. In this direction, they prefer the Blockchain technology of the altcoin project HBAR.
Meanwhile, Shayne Higdon, Co-Founder and CEO of the HBAR Foundation, expressed her support for the development of solutions that actively address and promote climate change on a global scale:
Hyundai Motors and Kia’s carbon emission monitoring system is based on sustainability work, which is one of the pillars of the HBAR Foundation’s mission. We are proud to support a range of carbon offset and traceability projects included in the Hedera network, as well as conservation, ESG and energy projects that enable us to improve climate markets and the balance sheet of the planet.
Altcoin price rises more than 5%
Following the Hyundai and Kia collaboration, HBAR gained more than 5% in the first 5 minutes. It is currently trading in the $0.05213 region where it has returned some of its gains. As the chart below shows, news of the altcoin partnership soon attracted new buyers. However, the rally was rather short-lived.
We have included the current HBAR technical analysis and price predictions in this article of Kriptokoin.com. The altcoin project received praise from experts for its partnership with Shinhan Bank, which it signed recently.
About Hyundai and Kia
Hyundai is a logistics, finance, IT and service-based enterprise alongside mobility, steel and construction. It has approximately 250,000 employees worldwide. Kia, on the other hand, was founded in Seoul in 1944. It is South Korea’s first bicycle and automobile manufacturer. It was acquired by a consortium of Hyundai Motor Company and Daimler-Chrysler in 1998. Kia made a real breakthrough after this point.
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