VeChain Teams Up with Chinese Electric Car Brand BYD for Blockchain Carbon Credit App

VeChain, the world's 18th largest cryptocurrency by total market cap, has partnered with one of China's largest electric car manufacturers, BYD, according to a Medium blog post.

Through its partnership with DNV GL and VeChain, BYD has created Carbon Credits and blockchain solutions ready for mass production.

Established in 1995, BYD is a company devoted to technological innovations.

BYD's current mission is to generate zero-emission energy solutions.

Through the partnership, BYD has debuted its proof-of-concept carbon banking solution, which was co-developed alongside DNV GL and VeChain.

The carbon banking solution will be held on the VeChainThor blockchain and will utilize VeChain's automobile lifecycle management solution.

BYD's carbon bank solution will reward drivers with carbon credits based on their vehicles' carbon reduction and driving performance and will aim to reduce the global carbon footprint generated by automobiles and public transit.

"As the global leader in green car manufacturing, BYD offered us the opportunity to pioneer real change. It takes innovators like BYD to make the world a cleaner place. Carbon banking will be a new reality for billions."

BYD will benefit from data access control and the market-defining Internet of Vehicle Information.

"This technology not only improves our current offering but allows us to create completely new markets. The unique aspects that VeChain provides will empower carbon monitoring development and sustainable ecosystems. This solution is a glimpse into what we think we can achieve through this partnership."