VeChain has signed a partnership with DNV GL in order to reduce carbon emissions. The signing ceremony has been witnessed by King Harald V and Queen Sonja of Norway. The information has been released by the VeChain Foundation in a blog post a few days ago.
VeChain and DNV GL Sign Partnership
Both companies decided to sign an agreement related to a reduction in carbon emissions. The signing ceremony took place at the Norway-China Business Summit 2018. Additionally, the event was co-sponsored by ‘Innovation Norway’ and the ‘Chinese Council for the Promotion of International Trade (CCPIT).’
However, the interesting thing is that their Majesties King Harald V and Queen Sonja of Norway witnessed the agreement. This partnership aims at advancing DNV GL’s existing efforts working with the United Nations. The company wants to work on the UN’s environmentally focused Sustainable Development Goals.
The press release reads as follows:
“The ‘DNV GL-VeChain Digital Low Carbon Ecosystem’ achieves a vision of ‘building a digital low carbon ecosystem to reduce global carbon emissions and create a low carbon life.’”
This cooperation integrates blockchain tech with research institutes, certification authorities and other companies.
Remi Eriksen, President and CEO of DNV GL Group, signed on behalf of DNV GL and VeChan. At the same time, Shu Youxing, President of BYD Automotive Intelligent Ecological Research Institute signed on behalf of the other participant partners. These other companies involved in the agreement are BYD, PICC; Tsinghua University and Bright Foods.
With this agreement, the VeChainThor Blockchain and IoT technologies will be leveraged with the intention to better record carbon emission reduction. Using smart contracts it will be possible to calculate the carbon reduction. Once the carbon reduction is calculated, carbon credits will be issued.
These carbon credits will be transferred through individuals, promoting and enhancing the sales of enterprise products or services. Individuals and companies can be very enthusiastic about reducing carbon emissions.
At the moment, the technology for the ecosystem is being tested and deployed across different partners. Some products such as vehicles from BYD will go on sale in the near future.
For more information, here’s our Vechain VET Price analysis.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.