BYD, one of the largest Chinese car brands and world’s top selling plug-in electric car manufacturer has debuted its carbon banking solution as co-developed with DNV GL and VeChain on the VeChainThor public blockchain platform.
This will be the first enterprise-level application moving the data of millions of cars, buses, trains, and other vehicles onto a public blockchain platform.
In the initial release of a series of proof of concepts established between the three partnering parties, BYD confirms they have completed a carbon banking solution for car models. The solution utilizes VeChain’s automobile lifecycle management solution that encompasses nearly every branch of the auto industry.
This carbon bank solution rewards vehicle operators with carbon credits based on their vehicles’ driving performance and carbon reduction. This solution provides the tools necessary to construct a blockchain-based ecosystem aims at reducing the global carbon footprint. Each footprint captured will be recorded on the VeChainThor Blockchain and made available to clients interested in participating in the initiative. With this solution, corporations will be able to access a platform that facilitates easy data management, sharing, and analytics. Data will no longer be considered fragmented and untrustworthy, but united and reliable.
“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.”
BYD will benefit from data access control and the market-defining Internet of Vehicle information. 4S shops and repair garages will function as data providers, consolidating basic vehicle information (mileage, damage, maintenance, etc.) and cataloging all assets of repairs. This data will then be utilized by insurance and financial service providers in an effort to provide accurate, cost-effective product packages to their customers. Both enterprises and end-users can thus benefit from the unprecedented level of data ownership and control afforded by the VeChainThor Blockchain.
“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.”
The car market benefits from an effective lifecycle management solution include new energy vehicle subsidies, lower carbon emissions, verified data-driven analysis, reduced policy premiums, and other such value-added services. Governmental bodies will return to subsidy-driven policies with the ability to accurately monitor the use of energy vehicles. Insurance agencies will have a more complete picture of a driver’s habits and records, resulting in driver-specific packages, costs, renewals, and extensions. Several insurance companies, such as The People’s Insurance Company of China (PICC), have partnered with VeChain to design this solution and have stated it creates new value in their businesses.
“This solution represents the first major partner to utilize our Carbon Banking solution. BYD has gone to significant lengths to ensure our goal of making the world safer, smarter and greener.”
DNV GL, as an independent trusted third party, certifies the whole process design and checkpoints, as well as data collected by vehicle computer and stored on VeChainThor platform. DNV GL certifies including but not limited to the KYC (Know Your Customer) service, BYD data uploading API, BYD blockchain interface API, and VeChain smart contracts.