VeChain, BYD Build Blockchain Carbon Monitoring App

Chinese BYD will equip its electric cars with a & # 39; carbon app running on the VeChainThor protocol.

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Shanghai BYD-based electric vehicle and battery supplier is ready to install a VeChainThor public blockchain in its cars a carbon solution, the VeChain Foundation has revealed in a post of media wednesday

Now ready for mass production, the application has passed a series of concept tests (PoC) performed by Warren Buffett – supported BYD, VeChain, and Norwegian company for quality assurance and risk management DNV GL.

The so-called Carbon Credit solution available on the vehicle computer will collect driving data, such as electricity consumption and mileage, and store it on the VeChainThor platform. An emission reduction formula developed by DNV GL will therefore reward drivers' carbon credits, which can be used to purchase products and services in the Carbon Banking ecosystem, explains a video in the Media publication.

The app blockchain will still apply not only to drivers. Car repair shops and repair shops will provide and consolidate basic vehicle information and catalog repairs. The insurance companies, in turn, will use the data when they prepare product packages for their customers.

"As a world leader in the production of environmentally friendly cars, BYD has offered us the opportunity to pioneer real change, with innovations such as BYD to make the world a cleaner place. a new reality for billions, "commented VeChain's CEO and co-founder, Sunny Lu

Without going into the details of any potential partners, Lu stated in his Twitter profile that the carbon bank ecosystem is destined to expand: [19659009] I know that partnerships can no longer satisfy you, so let's go directly to the app. More players will be joined one by one for this Carbon Ecosystem. https://t.co/Obah3P6cEW

– Sunny "No-Any-Promotion-Link" LU (@ sunshinelu24) 5 September 2018

September seems to start fairly orderly for VeChain, as the car dealership has partnered with the company inked with the Chinese People's Insurance Company (PICC) and DNV GL on Sunday. According to the agreement, VeChain and the Oslo-based company will help PICC implement blockchain technology in its operations.

Despite recent news, however, the VeChain coin ( VET ) is currently in red. The development of the negative price has puzzled some Twitter users:

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