China has been always around the edge of the cryptocurrency and advancements. One of the Chinese biggest car manufacturer and amongst world’s top seller plugin car brand has come up with join the crypto boom and planning for the so-called carbon-banking solution.
Through its partnership with DNV GL and VeChain, BYD has created Carbon Credits and blockchain solutions ready for mass production.https://t.co/taCw8Gn8fI
— VeChain Foundation (@vechainofficial) September 5, 2018
The project is under development and being working by the DNVGL and Vechain on the Vechain’ Thor Blockchain platform.
The company, BYD is holding a large share of the Chinese car market and been up for around decards. The latest trends and business level advancement is what holding it all together to raise.
Now one of the advancements company is planning it to move the data of the million vehicles to the public blockchain — where it can be held secure and tight plus, can be accessed easily and globally.
The purpose of the carbon bank solution is to reward the vehicle operators with credits. The overall carbon banking idea is to establish a solution which overall manage the lifecycle of the vehicle.
The credits given are based upon the amount of reduction on carbon and performance in the driving. The sustainable move towards the rewarding to reduce the global carbon footprints can be converged to the eco-friendly move.
The footprint will be recorded and will capture the data and will be uploaded to the VechainThor blockchain. The footprint will contain all vehicle data like damage, mileage, engine performance and more. The data can be easily available to the parties in a reliable and easy way for those who are considering to participate.
BYD holding the plan together calling it as “internet of vehicles”. Overall benefit from the business integrating blockchain is holding. The collaborative efforts towards such an act can make automotive market advance throughout China and perhaps over the globe.