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- The partnership between the VeChain blockchain and UCO Network will significantly increase onchain growth for the VET and related tokens.
- With the new UCO network collection app companies can significantly benefit by increasing visibility to reach a wider customer market.
Mid-September last year, UCO Network, a blockchain-based ESG-focused biofuel platform, and the VeChain Foundation announced a long-term strategic partnership to build infrastructure for the global used cooking oil industry. The used cooking oil can be in the form of vegetable oil such as corn oil, canola oil, olive oil, palm oil, or animal oil that has been used several times and the quality has reduced. Mostly, used cooking oils are found in the food processing industry such as restaurants and fast foods.
However, due to the economy of scale, traceability of used cooking oil is challenging to most collectors in Europe and elsewhere, thus the need for blockchain technology. Notably, UCO Network provides used cooking oil traceability solutions with a focus on automatic compliance with the European Union’s Renewable Energy Directive II.
In a bid to mitigate fraud in the used cooking oil supply chain, the UCO Network combines the power of blockchain technology and the internet of things (IoT).
VeChainThor’s wide range of open source tools, BaaS and turnkey solutions help startups like UCO Network integrate and develop blockchain without the need to start everything from scratch, at low cost and low lead time. The PoA consensus mechanism also addresses UCO Network’s concerns of inefficient upgrade processes and wasteful uses of energy,
UCO Network previously noted in a press release.
The partnership between the VeChain blockchain and UCO Network will significantly increase onchain growth for the VET and related tokens.
UCO Network Announces Pilot Program for Collection App
The UCO Network has announced the open enrollment for the pilot program of our new UCO collection app. As a result, used cooking oil collection companies can register to join the limited pilot program for a small fee. With the new UCO network collection app companies can significantly benefit by increasing visibility to reach a wider customer market. As a result, bio-fuel production companies in Europe can harness the prowess of VeChain technology to streamline their supply chain management.
Congrats on the milestone @UCONetwork and making progress towards enabling #blockchain-powered #sustainable bio-fuel production in Europe and beyond.#Sustainability #Blockchain #VeChain $VET https://t.co/U680YMKIOF
— vechain (@vechainofficial) February 13, 2023
The new UCO network collection application aside from streamlining companies’ operations, guarantees data-driven insights. As a result, used cooking oil collection companies can cut costs associated with manual data entry.
Bigger Picture
The VeChain blockchain has experienced significant growth fueled by institutional adoption. The VeChain network hit and surpassed 2 million known addresses having facilitated over 20k smart contracts.
We don't fake Tx numbers like some #blockchains – each transaction represents honest economic activity powered by $VET.
With our first 2023 million+ transaction day driven by the Fortune 500 #1, we're excited to keep expanding #VeChain's tech adoption this year & beyond.#Crypto pic.twitter.com/CeFO6ERDkC
— vechain (@vechainofficial) February 11, 2023
Notably, the VET token has a reported market capitalization of approximately $1,666,356,920 and a 24 hour trading volume of about $59,384,676. Down approximately 91 percent from its ATH, VET is, however, facing increased sell pressure as the crypto market face regulatory uncertainty from the United States.
