UCO Network, a public blockchain protocol, announces its partnership with the top Layer-1 smart contract platform, Vechain. UCO announced this on Friday, 16th September, through a tweet on their official Twitter handle (@UCONetwork).
#UCOnetwork is excited to announce it is teaming up with #VeChain $VET, the leading global sustainability-focused blockchain Foundation🙌
Find out more👇
@vechainofficial @sunshinelu24 @Bacco1977Dublin @im_dimneo”
UCO Network owns the first Environmental, Social, and Governance-focused biofuel platform that is blockchain-based. The Network confirmed VeChain’s partnership through an official statement published through their medium account.
VeChainThor is a global leader in blockchain networks that focuses on sustainability. They also confirmed they are happy they are joining forces with UCO Network to establish infrastructure for the used cooking oil industry worldwide.
The similarities in their ESG goals also influenced their decision to be partners for a long period. They added that this agreement would create multiple openings in the developing biofuel sector.
UCO Network aims to comply with the EU’s Renewable Energy Directive II by creating traceability solutions for used cooking oil. The platform also reduces the risk of fraud relating to the supply chain of used cooking oil globally. They, however, preferred VeChainThor Layer 1 Blockchain after examining many Smart Contract platforms.
VeChain to help In UCO Network’s upgrade
VeChain solves the scalability problem of UCO Network, posed by their proposed enterprise adoption. The presence of Meta-transaction tools like controllable transactions lifecycle, multi-party payment, multi-task transaction, and transaction dependency in VeChainThor’s protocols make the development more user-friendly.
Further, Vechain’s open source tools provide a blockchain basis for UCO Network. This will also assist UCO Network in developing their blockchain at a cheaper cost and lessened lead time. The Proof-of-Authority consensus mechanism will reduce energy wastage and enhance UCO upgrade processes.
However, the partnership with UCO Network is the latest for VeChain in recent months. The blockchain’s Toolchain signed a $100M deal with UFC. They also partner with TruTrace, Amazon Web Services, and OrionOne.