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On September 16th, 2022, the UCO network announced in a blog post their partnership of blockchain-based ESG-focused biofuel platform with VeChain Foundation. Both firms came together to cater to the need of building the blockchain infrastructure needed for the biofuels sector.
The blog further noted UCO network in association with the leading sustainability-focused blockchain VeChainThor will be working towards the infrastructure for the used cooking oil industry all over the world. This will work towards opening a ton of new emerging chances for the advanced industry of biofuel.
UCO network is a known entity world towards providing traceability solutions for used cooking oil. These solutions are automatically in acquaintance with the Renewable Energy Directive II of the European Union.
Further, the blog added the platform using cutting-edge technologies of blockchain and IoT combined. This helps it to alleviate the associated risk of potential fraud in the cooking oil supply chain. UCO Network went on to look for various smart contract platforms and gauge them on the basis of their capabilities. Ultimately VeChainThor came up as the Layer 1 blockchain partner of their choice.
Innate features related to meta-transaction within the core protocol of VeChainThor including multi-task transaction, multi-party payment, transaction dependency, controllable transaction lifecycle, etc. helps to make user-friendly development as well as meet the scalability requirements of the enterprise adoption plan of UCO network.
A wide range of open source tools within VeChainThor includes Baas and turnkey solutions which provide the startup protocols in need like UCO Network, to integrate and create a blockchain. For this, they do not even need to rely on starting everything from basic by themselves and it also lets them finish the operation at a very cheap cost and relatively faster.
Meanwhile, the proof-of-authority consensus mechanism of VeChainThor also mitigated the concerns of the UCO network regarding the not-so-efficient upgrade processes as well as the use of energy.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
