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Since it emerged nearly 14 years ago, blockchain technology has spread worldwide, and it has touched nearly every industry and sector in the world. Think of any sector, area, or technology, and there is a project that aims to connect it to blockchain — and probably more than one, at that. UCO Network, for example, is a project that aims to connect blockchain technology to advanced biofuel, and act as a place where biofuel and Web3 would exist together.
To further this goal, the project recently announced a new partnership with none other than VeChain — the world’s leading enterprise-grade L1 smart contract platform with an ultra-low carbon, and highly scalable blockchain architecture.
The partnership is brand new, announced less than 24 hours ago as of the time of writing.
— UCO Network (@UCONetwork) September 16, 2022
UCO Network partners up with VeChain
UCO Network is the first blockchain-based, ESG-focused biofuel platform. It just announced its partnership with the VeChain Foundation, which oversees one of the largest sustainability-focused public blockchains in the world, known as VeChainThor. The new partnership is imagined as a long-term collaboration meant to build infrastructure for the global used cooking oil industry. As a result, the partners expect a plethora of new opportunities to open up in the advanced biofuel sector.
UCO itself offers solutions for improved used cooking oil traceability, with a special focus on automatic compliance with the EU’s Renewable Energy Directive II. The platform explains that this is possible due to a combination of blockchain and IoT devices that mitigate the risk of fraud by using cooking oil supply chain.
Thanks to the partnership, VeChainThor will be able to evaluate multiple smart contract platforms and their capabilities, which is why UCO Network selected it as its L1 blockchain partner of choice. Furthermore, VeChainThor can offer meta-transaction features that are native to its core protocol, including multi-task transactions, multi-party payments, controllable transaction lifecycle, as well as transaction dependency.
All of this will help make the development a lot more user-friendly, and it will satisfy the scalability needs of the network. Not only that, but VeChain’s network also offers a wide range of open-source tools, turnkey and BaaS solutions, and more — all of which can be of huge benefit to startups like UCO Network. By integrating these tools, they can continue the development of their blockchains instead of having to develop their own tools from scratch.
Naturally, that will cut both the cost and time, which can now be used in a better way. And, in addition to that, the PoA consensus addresses UCO’s concerns regarding inefficient upgrade processes and wasteful use of energy.
In the end, the partnership will be highly beneficial for both, as it will allow UCO Network to use VeChain’s technological capabilities and tools, while VeChain will establish itself in another futuristic sector, which will give it more use cases and greater value.
To learn more about VeChain, visit our Investing in VeChain guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.