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It was announced today that the VeChain Foundation is partnering with BYD Auto Co, Ltd to monitor carbon emissions in their vehicles. As per the announcement, VeChain’s blockchain based on the Proof-of-Concept consensus model will be put to full use.
The announcement was made by VeChain itself, but BYD had initially made the statement prior. BYD, a Chinese car manufacturing, stated that they planned to use their carbon banking model as a possible solution to monitoring and eventually reducing the carbon footprint. VeChain claims this is one of the first real-use examples of their project: this new development will effectively record “the data of millions of cars, buses, trains, and other vehicles onto a public blockchain platform.”
In effect, what the carbon bank solution would do is directly reward drivers who reduce their emission of carbon. The carbon footprint of each vehicle would be recorded on the VeChainThor Blockchain. This information would be public and accessible to all customers.
Sunny Lu, the CEO of VeChain, has commented on this development as a breakthrough for enterprise-related application of their project. He stated:
“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.”
As part of the partnership, BYD and VeChain are both working with DNV GL to make sure the data is valid. DNV GL is an international accredited registrar and classification society based on Norway. The CEO Of DNV GL, who runs the Business Assurance Greater China Region, has said that “this solution represents the first major partner to utilize our Carbon Banking solution” and they were “impressed” with BYD’s commitment to greener vehicles and a greener world.
BYD is based in Xi’an in the Shaanxi Province of China. It is currently one of the largest manufacturers of electric vehicles along with their lithium batteries. The company is currently valued at about $3 billion as of 2012. Being one of the top-selling car manufacturers for “plug in” electric cars, the company also is known for its production of energy storage systems, solar generation, forklifts, and other energy-efficient cars.
Being monitored by DNV GL, the prospects of this partnership look promising. DNV GL has a longstanding history of commitment towards the protection of the environment. They have monitored many ‘green’ efforts in the past, Currently, they are promoting their #EnergyTransition outlook which will demonstrate not only the necessity of green energy, but also how cost-effective it can be and how many companies are getting involved.
With such a partnership, VeChain is positioning itself as potentially one of the leaders of the future push towards decentralized data collection and its application.