- VeChain positions itself as a leading data management platform.
- VeChain Continues to Cement its name after recently partnering with some of the world’s largest companies.
VeChain blockchain is positioning itself as a leading platform for data management, with some of the most notable partnerships in the industry.
In a recent tweet, Vechain cites its partnership with some of the world’s most valued vehicle brands including BYD, Renault and BMW, as proof of its significance in the industry.
The use cases for #VeChain's #blockchain technology are limitless.
We've built use cases with major global vehicle brands including BYD, Renault & BMW, on areas from carbon credits to digital vehicle log books and odometer fraud prevention.$VET is a data management revolution. pic.twitter.com/HEGbso9Lyf
— VeChain Foundation (@vechainofficial) January 27, 2023
Vechain partnered with BYD, back in 2018 to create a carbon banking solution, alongside DNV GL. BYD Auto Co., Ltd. is the automotive subsidiary of the Chinese multinational manufacturer BYD Company. The firm is publicly listed and has a revenue of over $64 billion, as of 2019.
The carbon banking solution, built on the VeChainThor public blockchain platform, was designed to reward users of its vehicle with cars on credits depending on their carbon reduction levels and their driving performance.
The aim of the partnership was the first that saw an automobile company move a significant amount of data of its vehicles to a public blockchain platform. The partnership was mainly aimed at reducing the carbon footprints of BYD vehicle uses. With the solution, the carbon footprints of each user will be revived on the VeChainThor Blockchain and given to BYD clients interested in carbon footprint reduction.
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.
Shu Youxing, the President of BYD Automotive Intelligent Ecological Research Institute said.
The solution is especially crucial for the corporation because Vechain will enable the development of easy data management, data sharing, and analytics. This in turn helps to decentralize data for corporations, further reliability, and reduce distrust.
VeChain solidifies relevance with a long list of partnerships with major firms
Similarly, Vechain also partnered with German car manufacturer BMW in 2020, to build an auto security platform. Using the application VerifyCar, which was built on the Vechain Blockchain, users will be able to transfer important data like repair details.
Vechain has also collaborated with Groupe Renault back in 2017, to attempt to solve the problem of car clocking. By creating a digital car maintenance book on the Vechain blockchain, Groupe Renault aimed to save data for every single one of its automobiles.
Once the data is stored, the data becomes immutable and secure, making it visible and unable to be altered or manipulated.
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Users are given a unique digital identity that will be saved on the decentralized log book network. Private gives will then be given to car owners who will then be given access to view and edit car data using a QR code, an RFID tag, and an NFC chip for traceability.