On 5th September, VeChain Foundation announced their partnership with BYD Auto Co., Ltd, a Chinese automobile manufacturer, and DNV GL, an international accredited registrar. The collaboration is an effort to solve the issue of carbon emission imbalances through the use of VeChain’s blockchain-based Proof of Concept protocol.
BYD had initially announced the completion of a carbon banking solution for car models by using VeChain’s automobile lifecycle management solution. According to VeChain, this is the first enterprise-level application that will shift “the data of millions of cars, buses, trains, and other vehicles onto a public blockchain platform.”
The carbon bank solution is mainly directed at rewarding vehicle operators for their vehicle’s driving performance and efforts in reducing the emission of carbon. In order to decrease the global carbon footprint, the solution will offer all the tools that are essential in the construction of a blockchain-based ecosystem.
According to the solution, each carbon footprint that is captured will be registered on the VeChainThor Blockchain and made accessible to customers who are keen on joining the initiative.
Shu Youxing, the President of BYD’s Automotive Intelligent Ecological Research Institute stated:
“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.”
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.”
According to recent reports, The People’s Insurance Company of China [PICC] has also partnered with VeChain to design the solution as they believe that it would create added value to their commerce.
George Kang, the CEO of DNV GL, Business Assurance Greater China Region stated:
“This solution represents the first major partner to utilize our Carbon Banking solution. BYD has gone to significant lengths to ensure our goal of making the world safer, smarter and greener.”
YD Automobile Company limited, centered in the Xi’an, Shaanxi Province of China was founded in 2003. It is one of the world’s largest manufacturers of electric vehicles and batteries and also produces battery-electric buses. The organization has also taken a front seat in the production of high-efficiency automobiles, electric forklifts, energy storage, and solar power generation.
DNV GL which is headquartered in Norway is an international, quality assurance and risk management organization. The company is involved in the protection of life, property, and environment. The organization also helps in improving renewable power and energy.
A Twitter user named Gilbert63641942 commented:
“Definitely huge by itself. As a sign of things to come, it is indeed likely to be the biggest partnership in crypto so far. Can’t actually be sure there will ever be a greater one. As with the vaccines, the idea is to go global. Therefore, mind-boggling.”
A Twitterati named ZyWorkMakeMone added:
“So many great use cases. Awesome to actually see one implemented for real life use for a change. VeChainThor will go Big, Congratulations.”
Another Twitter user named BTCgroover said:
“So VeChain announces two of the biggest confirmed blockchain use cases in the world to date and the price dumps? WTF crypto world! Clearly there is part of Market psychology that I’m just not getting.”
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