In their bid to reduce carbon emission in the society, VeChain (VEN) has announced that BYD has released their carbon banking solution co-developed by the two firms and DNV GL.
The idea, which is to survive on the VeChainThor public blockchain platform uses trustworthy VeChain’s automobile lifecycle management solution. The solution incorporates almost every branch of the automotive industry.
The innovation is going to be the first enterprise level application transferring the information of trains, buses and millions of cars onto a blockchain network.
Carbon Credit App co-developed by BYD, DNV GL and VeChain
meanwhile, the carbon bank solution uses carbon credits to compensate vehicle operators considering their carbon reduction and performance of their vehicle.
This tool offers required tools needed to develop a blockchain-dependent ecosystem that aims at lowering the global carbon footprint. Each data captured will be stored on the VeChainThor Blockchain, accessible to platforms interested in the idea.
Therefore, the innovation will permit the participating firms to access a platform that enables simple data analytics, sharing and management. With this idea, data can now be trusted.
Commenting on the development, Shu Youxing, President of BYD Automotive Intelligent Ecological Research Institute, said the innovation is allows for the institute to design a new market and tool, saying it gives room for carbon monitoring development and sustainable ecosystems.
Sunny Lu, CEO and co-founder of VeChain said BYD offered them the advantage to debut a real change.
Image Credit: VeChain.