VeChain will aid in the conversion of used cooking oil to biofuel.
In a tweet on Friday, VeChain confirmed an announcement by UCO Network, a blockchain protocol focused on sustainable biofuel production in Europe, notably becoming its Layer 1 blockchain of choice.
“Transforming used cooking oil to Biofuels – a great use for a common waste resource.Â
Just another of the ways VeChain will drive the sustainability revolution in Europe!” VeChain said in its Quote tweet.
Transforming used cooking oil to Biofuels – a great use for a common waste resource.
Just another of the ways #VeChain will drive the #sustainability revolution in Europe!#Blockchain #CircularEconomy $VET https://t.co/MiTRo5jUyG
— VeChain Community Hub (@VechainThorCom) September 16, 2022
Notably, the UCO network is a blockchain solution built to trace used cooking oil, focusing on complying with the European Union’s Renewable Energy Directive II. It bears mentioning that the network combines blockchain with Internet of Things (IoT) technology to tackle the risk of supply chain fraud.
According to the shared medium blog post by UCO, VeChain was tapped as its Layer 1 blockchain of choice due to the robustness of the network’s smart contract functionality.
“After evaluating multiple Smart Contract platforms and their capabilities, VeChainThor was UCO Network’s Layer 1 Blockchain Partner of choice.”
Notably, UCO also lauds VeChain for its commitment to Environmental, Social, and Governance goals. According to the UCO, the shared goals allow for a “natural and exciting partnership.”
It bears mentioning that VeChain is on a roll in terms of enterprise partnerships. Most recently, the company disclosed that it had partnered with Canadian product verification software company TruTrace to improve product provenance and authentication in the cannabis industry.Â
Notably, these moves have not gone unnoticed. In July, it was ranked among the top 10 crypto projects by engagement growth on CoinMarketCap. Additionally, the network has also been working to improve itself with the introduction of “Finality in One Bit” (FOB) to its test network (testnet) in August.
VeChain’s native token VET is trading at the $0.02364 price point, 1.70% higher in the last 24 hours.
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