VeChain, a blockchain platform, is expanding its horizons. Together with BYD, one of the largest car manufacturers in China, and Norwegian-based DNVGL it has introduced a carbon-banking solution operating on the VeChainThor blockchain platform.
The business application will collect and publish data from millions of vehicles available on a public blockchain. The company has already confirmed that it has released “a series of proof of concepts established between all three parties that they have completed a carbon banking solution for vehicles.”
Factually, this solution aims to reward you for curbing gas emissions and driving performance and thus create a blockchain-based ecosystem. The VeChainThor blockchain will record each of the footprints which will be subsequently shared with other who participate in this initiative.
Sunny Lu, the CEO, and Co-Founder of VeChain said: “As the global leader in green car manufacturing, BYD offered us the opportunity to pioneer real change. It takes innovators like BYD to make the world a cleaner place. Carbon banking will be a new reality for billions.”
In turn, Shu Youxing, the President of BYD’s Automotive Intelligent Ecological Research Institute, has noted that this technology will allow the company to create new markets. “The unique aspects that VeChain provides will empower carbon monitoring development and sustainable ecosystems. This solution is a glimpse into what we think we can achieve through this partnership,” he emphasized.
The partnership is promising, as the data that it collects will allow creating a more transparent car market not just in China but everywhere.
This is not the first collaboration which features VeChain. Previously it partnered with SafeHaven. It is also rumored that the People’s Insurance Company of China partnered with VeChain in order to create a solution which they believe will add value to its business.