BYD, The Largest Chinese Car Brand and World#s Top Selling Plug-In Electric Car Manufacturer, Is Further Tackling Carbon Emission Imbalances by Partnering with DNV GL and VeChain, Moving from Proof of Concept to Production Ready

Automotive Press Releases Thursday September 6, 2018 15:33
SHANGHAI--6 Sep--PRNewswire/InfoQuest
BYD debuts their carbon banking solution as co-developed with DNV GL and VeChain on their public blockchain platform.

In the initial release of a series of proof of concepts established between the three partnering parties, BYD announces that they have completed a carbon banking solution for the car models. This solution utilizes VeChain's automobile lifecycle management solution that encompasses nearly every branch of the automotive industry. This will be the first enterprise level application moving millions of cars, buses, trains, and other vehicles onto a public blockchain platform.

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 aimed 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.

Watch Carbon Credit app, co-developed by BYD, DNV GL and VeChain - https://youtu.be/zVWPYT0RU0s

Shu Youxing, President of BYD Automotive Intelligent Ecological Research Institute, commented, "This technology not only improves our current offering but allows us to create completely new markets. The unique aspects that VeChain provide 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.

Sunny Lu, CEO and co-founder of VeChain stated, "As the global leader in green car manufacturing, BYD offered us the 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 includes 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 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.

George Kang, CEO at DNV GL Business Assurance Greater China Region added that, "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.

About BYD

BYD is the world's largest manufacturer of electric vehicles and batteries, and the global leader in battery-electric buses. BYD is also an industry leader in several other high-tech sectors, including high-efficiency automobiles, medium- and heavy-duty trucks, electric forklifts, SkyRail, energy storage and solar power generation.

About DNV GL

DNV GL is a global quality assurance and risk management company. Driven by the purpose of safeguarding life, property and the environment, they enable their customers to advance the safety and sustainability of their business. Operating in more than 100 countries, DNV GL professionals are dedicated to helping customers in the maritime, oil & gas, power and renewables and other industries to make the world safer, smarter and greener.

About VeChain

Starting in June 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology. Headquartered in Shanghai, the business now has five satellite offices across the globe.

For further inquiries, please visit www.vechain.org and contact us via press@vechain.com .
Video - https://www.youtube.com/watch?v=zVWPYT0RU0s
Photo - https://mma.prnewswire.com/media/739464/BYD_and_VeChain.jpg
Logo - https://mma.prnewswire.com/media/738233/Vechain_Logo.jpg

Latest Press Release

Yanmar Launches Search for the original YNB300 Excavator on its 50th Anniversary

YANMAR CONSTRUCTION EQUIPMENT CO., LTD. has launched a campaign to find the "YNB300" mini excavator on the occasion of its 50th anniversary. The YNB300 mini excavator was first manufactured in 1968 making 2018 its 50th anniversary. In 1960 farmers and...

Forty years of Mitsubishi pickup success

It's 1978, and the world is changing. Space Invaders spreads to arcades across the globe and launches the video game industry. The first automated cellular phone network is being built in Japan and Superman takes off in cinemas. Another product is...

Renault-Nissan-Mitsubishi and Google Join Forces on Next-Generation Infotainment

- World's leading automotive Alliance signs a global multiyear agreement to partner with Google to equip Renault, Nissan and Mitsubishi vehicles with intelligent infotainment systems - The Alliance will utilize Android, world's most popular operating...

Goodyear Celebrates 120 Years of Innovation

As Goodyear celebrates this milestone anniversary, the company reflects on a legacy of innovation and looks ahead to the next generation of mobility solutions Recognized throughout the world as an American industrial icon, The Goodyear Tire & Rubber...

Mazda jumps back into the pickup truck battle with the 2018

The Thai pickup truck market is heating up with the Mazda brand launching its latest attack with a new pickup truck for the 2018 model year. Mazda has been highly successful Thailand's passenger car market, securing the No.3 position, as well as top...

Related Topics