VeChain Partners with UCO Network

UCO Network

VeChain has partnered with UCO Network to build blockchain infrastructure for the biofuel sector, UCO announced on Friday.

“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,” UCO says in a press release.

UCO Network is the first blockchain-based ESG-focused biofuel platform. It provides used cooking oil traceability solutions with a focus on automatic compliance with the European Union’s Renewable Energy Directive II. According to the network, the platform uses a combination of Blockchain and IoT technologies. Correspondingly, this mitigates the risk of used cooking oil supply chain fraud.

VeChainThor will be UCO Network’s Layer 1 blockchain partner. The network will use its multi-party payment, multi-task transaction, controllable transaction lifecycle, and transaction dependency functions. As a result, these will make UCO Network’s layer 1 development much more user-friendly.

In addition, the PoA consensus mechanism from VeChain also addresses UCO Network’s concerns of inefficient upgrade processes and wasteful uses of energy, according to the press release.

VeChain has already established several new partnerships over the past few months. This includes one with TruTrace, OrionOne, and Amazon Web Services. Additionally, VeChain’s ToolChain has a sponsorship with the UFC, a deal worth over $100 million.