To build infrastructure and open new opportunities in the Used Cooking Oil industry, UCO Network, the public blockchain protocol concerned with the deployment of decentralized technologies in the advanced biofuels sector has adopted the VeChainThor blockchain.
Per a recent update, UCO Network has sealed a long-term collaboration with VeChain which prides itself as the world’s leading enterprise-grade Layer 1 smart contract platform, with an ultra-low carbon and highly scalable blockchain architecture. It is worth noting that the UCO Network platform uses a combination of blockchain and Internet of Technology (IoT) technologies to operate.
The existing centralized systems, rules, and regulations have proven to be inefficient and incapable of solving the problems faced by biofuel producers. Therefore, this partnership comes as UCO Network, the first ESG-focused biofuel platform seeks to deploy more advanced blockchain-based sustainability and traceability solutions to eliminate fraud and bad actors in the used cooking oil sector.
Why VeChainThor Public Blockchain?
The characteristics and capacity of the VeChain blockchain have often made it the best fit for traceability solutions in the supply chain industry. VeChainThor has a wide range of open source tools, blockchain-as-a-Service (Base), and turnkey solutions. These solutions particularly aid startups to integrate and develop at a low cost. Also, they enhance speed as startups do not need to start from scratch to build.
In addition, the VeChainThor blockchain runs using a unique consensus mechanism known as Proof-of-Authority (PoA). This consensus mechanism tackles inefficient upgrade processes and is less energy intensive. Other interesting features associated with the VeChain public blockchain include multi-party payment, multi-task transaction, controllable transaction lifecycle, and transaction dependency.
These meta-transaction features “make development much more user-friendly, meeting the scalability needs of UCO Network’s planned enterprise adoption,” part of the announcement read. “After evaluating multiple Smart Contract platforms and their capabilities, VeChainThor was UCO Network’s Layer 1 Blockchain Partner of choice,” the first blockchain-based ESG-focused biofuel platform added.
As also revealed in the long-term partnership, “UCO Network and the VeChain Foundation’s full alignment regarding environmental, social and governance goals have been decisive differentiators that contributed to the establishment of this natural and exciting partnership.”