Breaking News / Cryptocoins / VeChain
One of China’s largest car manufacturers and the world’s top-selling plug-in car brands has recently debuted a carbon-banking solution, which has been co-developed with DNVGL and VeChain on the VeChainThor blockchain platform.
BYD has held a large share of the Chinese car market for decades, and its latest business-level application moves the data of millions of vehicles to a public blockchain.
The company has confirmed in an initial release of a series of proof of concepts established between all three parties that they have completed a carbon banking solution for vehicles. The solution utilises vehicle lifecycle management solutions which encompass almost all branches of the automotive industry.
The purpose of the carbon bank solution is to reward vehicle operators with credits based on the carbon reduction and driving performance of their vehicles. The solution essentially creates a blockchain-based ecosystem which is designed to reduce the global carbon footprint on a rewards-based system.
Each footprint recorded is captured on the VeChainThor blockchain and made available to interested parties who are considering participating in the initiative. This solution will allow corporations to access a platform which facilitates easy data sharing, management and analytics. Data will be reliable and united as opposed to untrustworthy or fragmented.
BYD will benefit from all-new, market-defining “internet of vehicles” information as well as data access control. Repair garages will function as the providers of data, consolidating basic information (vehicle maintenance, damage, mileage etc.) and will catalogue all assets of repairs. This data could theoretically be used by financial service providers or insurance companies as a means to provide cost-effective, accurate product packages to customers.
Ultimately, this means that both businesses and end-users can benefit from a previously unforeseen level of data ownership afforded by the collaborative effort, creating a more open and transparent automotive market throughout China – and perhaps, in the future, worldwide.