VeChain and DNV GL partners with Chinese automobile manufacturer BYD

05 Sep, 2018
by Matthew Kim
News
VeChain and DNV GL partners with Chinese automobile manufacturer BYD

Back in August, VeChain CEO hinted at another automotive partner. Now the news is out - BYD, a Chinese automobile manufacturer, partnered with VeChain and DNV GL for carbon banking solutions.

According to the blog post, the carbon banking solution will be developed with DNV GL and VeChain on the VeChainThor public blockchain platform. Using Vechain’s automobile lifecycle management solution, BYD will launch the “first enterprise level application moving the data of millions of cars, buses, trains, and other vehicles onto a public blockchain platform”.

Vehicle operators will be able to earn carbon credit depending on their driving performance and carbon reduction. The information captured will be stored on the VeChainThor blockchain and will be made available to clients.  VeChain believes that the platform will “facilitate easy data management, sharing and analytics”, while also increasing trustworthiness and unity.

In triangle partnership, DNV GL will act as the third party that “certifies the whole process design and checkpoints, as well as data collected by vehicle computer and stored on VeChainThor platform”. DNV GL is a global quality assurance and risk management company, and it will use KYC service, blockchain APIs, and other techniques to ensure the validity of the solution.

Shu Youxing, President of BYD Automotive Intelligent Ecological Research Institute, commented “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.”

BYD is one of the world’s largest automobile manufacturers in the world. Although China is not known for quality automobile development, it is a highly populated nation hosting more than 1.3 billion people. Thus, BYD is one of the world’s top selling brand. In 2016, BYD became the all-time second largest global electric manufacturer ahead of Luxgen.

For more information about the partnership, read VeChain’s post here.

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Read more about: VeChain (VET)

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