A large car manufacturer in China and one of the largest producers of plug-in vehicle bands in the world, BYD, has entered into partnership with VeChain and DNVGL. The partnership was initiated because the company intends to produce a carbon-banking solution that will run on the VeChainThor blockchain. For decades, BYD has been known control of a large portion of the car market in China. The new business level application that was debuted by the company allows information to be moved from millions of vehicles that are on the VeChainThor blockchain.
VeChain And BYD
BYD has announced that the carbon banking solution has been completed for vehicles. This carbon banking solution uses the life cycle management of a vehicle to function. This includes information from all the branches in the automotive industry. The carbon banking solution will reward the operator of the vehicle with credits depending of the driving performance and the carbon emission of the vehicle. The company has created an ecosystem based on the blockchain to reduce the worldwide carbon footprint and give rewards in the process.
VeChain (VET) Price Today – VET / USD
The footprint will be recorded on the VeChainThor blockchain and accessible to interested parties. Anyone who is interested in participating can have access to it. Corporations will be able to access a system that facilitates swift and efficient data analytics, sharing and management. The data will be reliable because it is based on the blockchain technology. The system is meant to benefit the end-users and the business owners alike by creating a more transparent automative market on China and the world over.
VeChain (VET) Price Analysis
At the time of writing, VeChain (VET) was trading at $0.015611. This indicates a 0.57% fall against the USD and a 0.78% fall against Bitcoin. The trading volume within a 24 hour period is $33,267,232 while the total market capitalization is $865,723,071. The circulating supply of VeChain (VET) is 55,454,734,800 and the total supply is 86,712,634,466 VET.