VeChain is the public blockchain and a 19th largest cryptocurrency in market cap; it has attracted several large institutional investors and big political and social personalities around the world.
Recently, it partners with a Norwegian Assurance Company called DNV GL in front of His Majesty King Harald V and Her Majesty Queen Sonja, who witness the signing ceremony of the document called “DNV GL – VeChain Digital Low Carbon Ecosystem” in China.
According to VeChain Officials, the project aims to build a “digital low carbon ecosystem to reduce global carbon emissions and create a low carbon life”. The main vision behind the project is to enhance the United Nation’s (UN) Millennium Development Goals to ensure economic resources’ sustainability and development of overall eco-friendly world.
Basically, the project is based on combined efforts of several organizations and it is one of the main milestones of China’s Strategic Development Plan.
VeChain (VET) Price Today – VET / USD
A Blockchain that will leverage development of this Ecosystem
All partners of this project have selected VeChain blockchain to develop this large ecosystem. The project will use this blockchain platform that is based on smart contracts, to efficiently record each carbon emission behavior of individuals and enterprises, and it will compensate by providing tokens, called “Carbon Credits”.
As TheOofy reported earlier VeChain partnered with China’s second largest food company.
The team of VeChain on its official blog explains the importance of this project which is based on “ecosystem of environmentally sustainable technology”. The project is at its final stage and expected to be released next year.
Partners of Digital Low Carbon Ecosystem
The project is the joint effort of multiple industries and institutions partnered that include:
VeChain: A technology provider that brings VeChainThor platform and other technical stuff to the project.
DNV GL: The third-party institution that review processes of carbon reduction, transfer, and carbon credits issuance.
BYD: An Automobile industry that provides open platform called Di-Link, and vehicle networking data interface.
Tsinghua University: A digital economy research center that has provided feasibility analysis, platform design, and developed macro-level architecture of digital low carbon ecosystem.