BYD Partners with VeChain and DNV GL To Tackle Carbon Emission
More and more organizations and governments are getting involved in tackling carbon emissions globally. It is interesting to see the automotive and power industry in general move towards greener options like electric vehicle, wind, and solar power options. Additionally, the advent of blockchain is set to revolutionize several industries.
One of China’s largest car producing brands and the world’s top selling plug-in electric car manufacturer, BYD has partnered with DNV GL and blockchain project VeChain, in a bid to tackle carbon emission imbalances. It is interesting to note that the concept is based on blockchain, and it is ready for mass-production.
BYD noted that they have successfully completed the first phase of a carbon banking solution for their car models. The solution employs VeChain’s automobile lifecycle management solution. Data from millions of cars and vehicles will be transferred to a public blockchain.
Their solution functions by rewarding drivers with carbon credits based on how much they reduce carbon emission. Each carbon footprint captured will be recorded on the VechainThor Blockchain, and made available to parties interested in accessing this data; typically, corporates.
Thr President of BYD Automotive Intelligent Ecological Research Institute, Shu Youxing, noted that:
This technology not only improves our current offering but allows us to create completely new markets. The unique aspects that VeChain provide will empower carbon monitoring development and sustainable ecosystems. This solution is a glimpse into what we think we can achieve through this partnership.
Several days later Sunny Lu, VeChain CEO, tweeted that the BYD Carbon Ecosystem partnership is the first of more to come:
I know partnerships cannot satisfy you guys any more, so let’s go app directly. More players will join one by one for this Carbon Ecosystem.