UCO Network has struck a protracted partnership with VeChain, the world’s premier enterprise-grade Layer 1 smart contract platform with an ultra-low carbon and highly scalable blockchain framework, according to a recent announcement. Notably, the UCO Network platform operates using a mix of blockchain and Internet of Things (IoT) technology.
Prevailing centralized processes, norms, and guidelines have proved ineffective and ineffective in resolving biofuel manufacturers’ challenges. This agreement comes as UCO Network, the initial ESG-centered biofuel platform, strives to implement more sophisticated blockchain-powered sustainable and tracking tools to eradicate corruption and malicious people in the utilized cooking oil industry.
The properties and capabilities of the VeChain blockchain have frequently made it the optimal choice for supply chain tracing solutions. VeChainThor provides an extensive selection of open source tools, blockchain-as-a-Service (Base), and turnkey systems. These technologies facilitate the integration and development of startups at a reasonable cost. In addition, they accelerate development since companies do not have to start from zero.
Moreover, the VeChainThor blockchain employs a novel consensus technique called as Proof-of-Authority (PoA). This consensus technique addresses wasteful upgrading operations and consumes minimum energy. Other intriguing characteristics of the VeChain public blockchain include multiparty payments, multitask transactions, a transaction lifetime that can be controlled, and transaction dependencies.
Such meta-transaction capabilities “make innovation far more user-supportive, satisfying the scalability requirements of UCO Network’s intended business uptake,” according to a statement. “After reviewing numerous Smart Contract platforms and their abilities, UCO Network selected VeChainThor as its Layer 1 Blockchain Partner,” stated the initial blockchain-powered ESG-centered biofuel network.
As further stated in the long-term relationship, “UCO Network and the VeChain Foundation’s complete congruence with regard to environmental, societal, and governance aims have been a crucial phenomenon in establishing this logical and interesting collaboration.”