Chinese Electric Vehicle Maker BYD Releases Blockchain-based Carbon Banking Solution Co-developed with DNV GL and VeChain
September 5, BYD, China’s leading electric vehicle maker has debuted its carbon banking solution as co-developed with DNV GL, an international risk management company and VeChain, a Shanghai-based blockchain application company. The carbon banking will be developed on VeChain’s public blockchain platform.
The automobile lifecycle management solution provided by VeChain covers every branch of the automotive industry. In the initial release of a series of proof of concepts (PoC) co-developed by three parties, BYD announced that they have completed the automobile carbon banking solution based on VeChain’s automobile lifecycle management solution. This will be the first enterprise level application that integrated the information of millions of cars, buses, trains and other vehicles and put all the data onto a public blockchain platform.
According to the carbon banking solution, the system will rewards vehicle drivers with carbon credits based on the driving performance and carbon emission. This solution also provides necessary tools to build a blockchain ecosystem aiming to reduce the global carbon footprint.
All the carbon footprint will be recorded on VeChain’s Thor Blockchain after being detected, afterwards, the record will be sent to clients that are interested in this project. With this solution, enterprises may conduct the data management, sharing and analysis through this platform. Since then, the fragmented and untrustworthy data can be integrated into unified and reliable data.
Shu Youxing, president of BYD Automotive Intelligent Ecological Research Institute said that: “This technology not only improves our current offering but allows us to create completely new markets. The unique solutions that VeChain provide will empower carbon monitoring development and sustainable ecosystems.”
BYD benefits a lot from data access control and market -defining internet of vehicle information. The 4S shops and the car repair shops play a role of data provider, they can integrate the basic vehicle information including mileage, vehicle damage, daily maintenance. This data will then be utilized by insurance and financial service providers to provide accurate and cost-effective product packages to their customers. As thus, all the corporations and the end-users can benefit from the data ownership and data control services that provide by the VeChain Thor Blockchain.