Shanghai-based electric vehicle and battery supplier BYD is ready to install in its cars a carbon banking solution running on the VeChainThor public blockchain, the VeChain Foundation revealed in a Medium post on Wednesday.
Now ready for mass production, the application has passed a series of proof of concepts (PoC) carried out by Warren Buffett-backed BYD, VeChain, and Norway-based quality assurance and risk management firm DNV GL.
The so-called Carbon Credit solution available on the vehicle’s computer will gather driving data, like electricity consumption and mileage, and store it on the VeChainThor platform. An emission reduction formula developed by DNV GL will then award drivers carbon credits, which can be used to buy products and services in the carbon banking ecosystem, a video in the Medium publication explains.
The blockchain app will, however, be applicable not only for drivers. Car dealership shops and repair garages will provide and consolidate basic vehicle information and catalogue repairs. Insurance firms will, in turn, utilize the data when preparing product packages for their customers.
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