BYD, China’s well-known car manufacturer and new energy solution provider, released a Carbon Credit App which the company co-developed with DNV GL, an international risk management company, and VeChain, a Shanghai-based blockchain application company.

BYD has been the world’s top manufacturer of plug-in electric cars for the last three years. The new app was created to encourage travel by new energy vehicles to reduce carbon emission with smart collection and management of data. It was presented during BYD’s Worldwide Developer Conference on September 5th and is part of the carbon banking solution devised by the three partners.

VeChain, the key tech contributor to the app, enables BYD to calculate a user’s carbon emission level with a smart contract built on VeChainThor, VeChain’s public blockchain. The technology helps gather data on mileage, fuel consumption, and electricity consumption, and then issues carbon credits that can be exchanged for goods and services. A user can log into the app’s calculation system from an application programming interface (API) installed in BYD’s new energy cars by scanning a QR code.

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Runhua Zhao

Runhua Zhao is a technology reporter based in Beijing. Connect with her via email: runhuazhao@technode.com