It’s yet another remarkable feat for blockchain project VeChain as they partner with top Norwegian assurance company, DNV GL. The primary purpose of the partnership is to fuel the efforts of DNV GL’s work on the United Nations’ Sustainable Development Goals. Other key players involved in the ecosystem, the Thirteenth Chinese Five-Year Plan, includes BYD, Shanghai Xiandao Food, PICC, and the Tsinghua University Sino US Relations Research Center.

Interestingly, amongst other VIPs that were present to witness the signing ceremony were his Majesty, King Harald V, and her Majesty, Queen Sonja of Norway. As part of their official state visit to China in a bid to strengthen bilateral relations between China and Norway, they witnessed the event at the Norway-China Business Summit 2018.

Source: Medium

There is no doubt that the effect of greenhouse gases is becoming more pronounced around the globe; from the rising of tidal levels to increased temperature levels, and natural disasters. The ‘DNV GL-VeChain Digital Low Carbon Ecosystem’ targets ‘building a digital low carbon ecosystem to reduce global carbon emissions and create a low carbon life’.

The ecosystem will use VeChainThor’s blockchain and IoT devices to track and record reductions in carbon emissions from businesses and individuals. This is then calculated and converted into carbon credits which are given back to those involved.