VeChain Partners With A Blockchain Focused On Sustainable Biofuel Production In Europe
✍️ 19 September, 2022 - 17:35 👤 Editor: Jakub Motyka
- VeChain and UCO Network have teamed up to build a biofuel blockchain infrastructure.
- UCO Network uses blockchain technology to mitigate supply chain fraud.
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VeChain Foundation has confirmed an announced partnership, made on Friday, by UCO Network in a tweet and blog post. VeChain, which is a leading enterprise-grade Layer-1 blockchain, focuses on using blockchain technology to solve real-world economic problems. In a quoted tweet made by the official Twitter of the Vechain Community Hub, VeChain stated that the partnership is "just another of the ways VeChain will drive the sustainability revolution in Europe".
UCO Network uses blockchain technology to provide traceability solutions to enforce compliance with the European Union's Renewable Energy Directive II. By combining blockchain technology with the Internet of Things (IoT), UCO Network is building a solution to mitigate supply chain fraud.
UCO Network said it chose VeChain as its Layer-1 blockchain in order to leverage VeChain's open-source tools, Blockchain-as-a-Service, and turnkey solutions which help startups develop blockchain applications at a low cost, without many complexities, and with faster output.
VeChain Foundation And UCO Network Goal Alignment
VeChain's energy-efficient blockchain goals rightly align with UCO Network's environmental sustainability principles; UCO Network is an organization that strives to adhere to Environmental, Social, and Governance (ESG) standards.
Unlike blockchains that use energy-inefficient consensus mechanisms such as Proof-of-Work, which leads to a massive waste of energy and a large carbon footprint, VeChain runs on a Proof Of Authority (POA) consensus mechanism. VeChain's POA consensus addresses blockchains' primary concerns of heavy energy usage.
VeChain and UCO Network's vision of environmental sustainability and energy efficiency makes the two blockchain firms have a natural partnership.
Vechain Partnerships Galore
The VeChain ecosystem is growing rapidly. In the past months, VeChain has secured a series of top-notch partnerships, recognition, and certifications.
VeCarbon, a blockchain-based carbon management service, built by Vechain, secured a partnership with Amazon Web Services (AWS) in May 2022; through this partnership, AWS became VeChain's technology partner. VeCarbon recently bagged a "Class III protection" certification which certifies VeCarbon to be a service provider to the carbon management SaaS industry.
VeChain recently became the blockchain partner of mixed martial arts organization UFC. Both parties signed a multi-year deal reportedly worth $100 million.
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