Oluwapelumi Adejumo · 4 hours ago · 2 min read
VeChain (VET), the world’s 18th largest cryptocurrency by total market cap, has partnered with one of China’s largest electric car manufacturers, BYD, according to a Medium blog post.
Through its partnership with DNV GL and VeChain, BYD has created Carbon Credits and blockchain solutions ready for mass production.https://t.co/taCw8Gn8fI
— VeChain Foundation (@vechainofficial) September 5, 2018
Established in 1995, BYD is a company devoted to technological innovations. The company initially started with 30 employees and has now grown to nearly 220,000 employees. BYD’s current mission is to generate zero-emission energy solutions.
BYD & VeChain
Through the partnership, BYD has debuted its proof-of-concept carbon banking solution, which was co-developed alongside DNV GL and VeChain. The carbon banking solution will be held on the VeChainThor blockchain and will utilize VeChain’s automobile lifecycle management solution.
The agreement also marks the first enterprise-level application that moves the data from millions of cars, buses and trains onto a public blockchain.
BYD’s carbon bank solution will reward drivers with carbon credits based on their vehicles’ carbon reduction and driving performance and will aim to reduce the global carbon footprint generated by automobiles and public transit.
Additionally, each footprint captured will be recorded and made available to all clients interested in participating.
Leaders Speak Up
Speaking of the partnership, VeChain’s co-founder and chief executive, 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.”
Furthermore, BYD will benefit from data access control and the market-defining Internet of Vehicle Information. Repair garages and 4S shops will also serve as data providers and will consolidate basic information such as mileage, damage and maintenance.
The data collected can then be utilized by financial service providers and insurance companies to provide cost-effective packages for consumers.
Shu Youxing, President of BYD, said:
“This technology not only improves our current offering but allows us to create completely 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.”
Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
Join now for $19/month Explore all benefits