UCO Network said on Friday on its Twitter handle that VeChain has teamed up with it to develop blockchain infrastructure for the biofuel industry. https://twitter.com/UCONetwork/status/1570814674425286657 According to a news statement from UCO Network, the public blockchain protocol and the VeChain Foundation’s agreement with Environmental, Social, and Governance aims have been crucial differentiators that led to the development of this natural and exciting cooperation.
UCO Network — First ESG-Focused Biofuel Platform
UCO Network is the first ESG-focused biofuel platform built on a blockchain. With a concentration on automatic compliance with the EU’s Renewable Energy Directive II, it offers used cooking oil tracking solutions. According to the network, the platform combines blockchain and IoT technology, which consequently reduces the possibility of supply chain fraud involving spent cooking oil. UCO Network’s Layer 1 blockchain collaborator will be VeChainThor. The network will utilize features for multi-party payments, multi-task transactions, configurable transaction lifecycles, and transaction dependency, making Layer 1 development at UCO Network much more user-friendly.
PoA Consensus Technique
According to the news announcement, the PoA consensus technique from VeChain also solves UCO Network’s issues about inefficient update procedures and energy wastage. In recent months, VeChain has already formed several new alliances involving collaboration with TruTrace, OrionOne, and Amazon Web Services. In addition, VeChain’s ToolChain has a sponsorship deal worth over $100 million with the UFC.
Collaboration of VeChain and TrueTrace
Last month, VeChain announced a partnership with TrueTrace to accelerate the adoption of blockchain technology. TruTrace and VeChain have created a new agreement to merge their complementary technologies. The blockchain supplier and developer will mutually verify the items’ authenticity and history.