VeChain (VEN) And DNV GL Partner On Digital Low-Carbon Ecosystem Witnessed By Norway’s Royal Couple
Norwegian royal couple, Majesties King Harald V and Queen Sonja of Norway, visited China, and as a part of their planned agenda on October 16, 2018, they were present as witnesses at the partnership signing ceremony between VeChain and DNV GL.
DNV GL is a global quality assurance and risk management company. In the context of the partnership, DNV GL will report on carbon emissions and assure its reports using the VeChainThor blockchain and ecosystem.
Norway-China Business Summit 2018
The Summit was envisioned to broaden the business connections between two countries and was sponsored by Innovation Norway and the Chinese Council for the Promotion of International Trade (CCPIT).
Besides the Norwegian royal family members, the signing ceremony was attended by VeChain’s Sunny Lu, George Kang on behalf of DNV GL Group, Professor Lu Junqun of Sino US Relations Research Center, and Shanghai Xiandao Food’s representatives along with PICC officials.
DNV GL-VeChain Digital Low Carbon Ecosystem deal
By signing the “DNV GL-VeChain Digital Low Carbon Ecosystem” deal, the Norwegian assurance company DNV GL is now officially collaborating with key enterprises of the 13th Chinese Five-Year Plan partners, namely:
- BYD, PICC
- Tsinghua University’s Sino US Relations Research Center
- Shanghai Xiandao Food
The goal of the deal to advance their consistency with UN’s environmentally-focused Sustainable Development Goals.
VeChain’s role in the partnership
While talking to the press, Remi Eriksen, President, and CEO of DNV GL Group stated that building a digital low carbon ecosystem to reduce global carbon emissions and create a low carbon life, is the main motivation behind the partnership.
Through its development, this joined forces will leverage the VeChainThor’s blockchain technology and the Internet of Things (IoT) to keep track of ecologically beneficial behavior, rewarding those sustainably run enterprises and responsibly-acting individuals with carbon credits.
These credits can benefit the sales of enterprise products or services as they are distributed across the ecosystem, with the aim of reducing carbon emissions in accordance with the United Nations agenda.
The new industrial concept
The DNV GL-VeChain Digital Low Carbon Ecosystem cooperation joins the disruptive blockchain technology with the expertise of research institutes, third-party certification authorities, real economy enterprises, and insurance companies, to build a new business concept with complementary advantages, mutual benefit, and joint development at the forefront of the business system.
One such initiative, as it is being spearheaded by the giants of their industries, has the undeniable potential to have a lasting impact on the way the business is done worldwide.
Although we are witnessing the very birth of the partnership, the technology that will fuel this ecosystem is already being tested by the partnering enterprises. Most notably by BYD, as they are implementing it in their electric vehicles that will go on sale in 2019.
Investors are unimpressed
We can easily say that VeChain is one of the blockchain projects with the most use cases in the industry, and this deal is yet another gust of wind in their sails.
However important this piece of news may be, the unpredictable cryptocurrency market failed to react as, in line with the overall stagnation, VeChain’s native VET token continued to trade around the $0.0104, with a slight but noticeable negative investors’ sentiment.
Nevertheless, this deal can be more beneficial for VeChain’s investors in the long run, because it covers multiple industries across the European and Asian continent.
And when the partnering big boys start to deliver, there is a strong possibility that investors will not fail to notice.