A recent press release on September 5, 2018 confirmed a fresh, new relationship between VeChain and Chinese automobile manufacturer BYD to create a series of proof of concepts relating to their “carbon banking” solution for automobiles.
What Is Carbon Banking?
The newly-formed partnership will allow BYD to use VeChain’s automobile lifecycle management solution to create a carbon banking structure that will reward vehicle operators with credits according to their carbon footprint, which is based on their driving performance and carbon reduction.
Each vehicle operator’s footprint is recorded on the VeChain blockchain, making it verifiable and immutable.
The Carbon Banking solution was co-developed with DNV GL, a global quality assurance and risk management company. They are an independent, trusted third-party company who will certify and verify the entire process.
George Kang, CEO at DNV GL Greater China stated;
This solution represents the first major partner to utilize our…