UCO Network announced that VeChain has joined up with it to develop blockchain infrastructure for the biofuel industry on September 16. The VeChain Foundation and UCO Network are excited to announce a long-term partnership to build infrastructure for the global used cooking oil industry.
According to a news statement from UCO Network, “complete alignment between UCO Network and the VeChain Foundation regarding Environmental, Social, and Governance aims have been significant differentiators that lead to the development of this natural and exciting cooperation.” This partnership will open up a plethora of new opportunities within the advanced biofuel sector. UCO Network is the first blockchain-based ESG-focused biofuel platform.
The Renewable Energy Directive II of the European Union is a focus of the used cooking oil traceability solutions offered by UCO Network. The platform combines Blockchain and IoT technologies to reduce the risk of fraud in the supply chain for used cooking oil. VeChainThor was selected as UCO Network’s Layer 1 Blockchain Partner after a comparison of many Smart Contract platforms and their capabilities.
The core VeChainThor protocol includes native meta-transaction features like multi-party payments, multi-task transactions, controllable transaction lifecycles, and transaction dependency that make development much more user-friendly and satisfy the scalability requirements of the anticipated enterprise adoption by UCO Network.
Startups like UCO Network may integrate and build blockchain with VeChainThor’s extensive selection of open source tools, BaaS, and turnkey solutions without having to start from scratch, at a cheap cost, and with a short lead time. The UCO Network’s worries about ineffective upgrading procedures and energy wastage are also addressed by the PoA consensus mechanism.
The complete convergence of environmental, social, and governance aims between UCO Network and the VeChain Foundation has been a defining difference that has helped to forge this exciting and natural cooperation.
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