- The UCO network will leverage the VeChain technology and expertise to improve the transparency and security of its marketplace.
- According to its 2023 schedule, the VeChain foundation hopes the network’s developers can complete the carbon footprint explorer for the network before June 2023.
Even though the cooking oil industry is an essential aspect of the global economy, it continues to suffer from a lack of transparency and inefficiencies. However, the UCO network is making efforts to address these issues and its first step is to create a global platform to collect, process, and trade-off used cooking oil. The platform is built on blockchain technology to enhance efficiency and transparency in this industry.
A side benefit of using blockchain technology is that buyers and sellers would not need intermediaries to complete their transactions successfully. Also, blockchain technology ensures the recording of transactions that can be audited or tracked when necessary.
Leveraging VeChain’s technology
Hence, it is no surprise that the UCO network collaborates with the leading blockchain platform, VeChain. Under this agreement, the UCO network can leverage the VeChain technology and expertise to improve the transparency and security of its marketplace. With this VeChain partnership and introducing other features, the UCO network has proven its readiness to make a massive impact in the biofuel and used cooking oil industries.
VeChain x UCO Network ♻️
"This partnership will allow UCO Network to leverage VeChain’s technology and expertise to further enhance the security and transparency of its platform." ⛓️#VeChain $VET #VeFam #Oil #Sustainability #Tech #Business #Blockchain #Crypto #Technology https://t.co/G6dMtng65K pic.twitter.com/fCzJbPeoeU
— eisenreich (@eisenreich) January 17, 2023
The combination of blockchain technology and IoT sensors makes it easy for the UCO network to establish an efficient platform to collect and trade used cooking oil. One key feature the UCO network introduces is IoT sensors, which provide live data of when cooking oil is collected and processed. Thus, boosting transaction confidence among buyers and sellers.
In addition, the network recently launched its collection app to ensure the efficient collection of used cooking oil without harming the environment. Anyone can collect and sell used cooking oil to the UCO network marketplace quickly and conveniently through this app. Meanwhile, the UCOIL (UCO’s native token) will be the governance token within the UCO network marketplace.
Besides using the token to complete transactions on the platform, UCOIL holders can also access features not available to token holders, such as staking and community voting. Furthermore, holders can earn rewards through community participation. UCOIL holders have the chance to support the vision and technology of a firm making efforts to reduce greenhouse gas emissions and the reliance on fossil fuels.
The UCO network’s ESG mission aligns with the current trend among venture capitalists as they continue to focus their investments on sustainable projects.
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More VeChain projects and partnerships
Meanwhile, this partnership with the UCO network is one of the many accomplishments the VeChain foundation accomplished last year. Hence, the foundation has outlined the network’s plans for this year. According to its 2023 schedule, the VeChain foundation hopes the network’s developers can complete the carbon footprint explorer for the network before June 2023.
Also, the foundation wants to complete the network’s wallet browser extension and an eth token bridge before the end of Q2 2023. Then, in the last two quarters of this year, VeChain developers hope to release a multichain generic data bridge and an asset lending platform.