IBM will use Stellar for first crypto token on public blockchain

IBM is launching its first token using a public blockchain, dubbed the ‘verde’ token, in partnership with carbon credits startup Veridium Labs.

The token will be issued on the Stellar blockchain, reports Forbes, and has been designed with enrionmentally-unfriendly enterprises in mind. These companies now have the chance to support a part of the Indonesian rainforest as way of compensation.

Jared Klee, IBM’s blockchain offering manager, said: “We’re creating a fungible digital asset, a token which part of the goal is to create a market where people can buy, sell, trade and then redeem it for the underlying credits. By having a liquid market you open up a world of possibilities.

The verde carbon credit tokens are built on the public Stellar blockchain, and there is also a permissioned component from IBM’s own blockchain technology.

“Our engagement with Veridium will mark the first public IBM involvement in a token issuance on a public network… Not only does that help create stability for the Stellar network, but that allows us to work with Veridium as the issuer and create a point of review in the transaction flow before it gets committed to the ledger.”