UCO Network, VeChain partner to build infrastructure for global used cooking oil industry

UCO Network, the first blockchain-based ESG-focused biofuel platform, and the VeChain Foundation, overseer of the world’s leading sustainability-focused public blockchain VeChainThor, announced a long-term partnership Sept. 16 to build infrastructure for the global used cooking oil (UCO) industry.

The partnership “opens a plethora of new opportunities within the advanced biofuel sector,” UCO Network stated.

UCO Network provides UCO traceability solutions with a focus on automatic compliance with the EU’s Renewable Energy Directive II.

The platform uses a combination of Blockchain and internet-of-things (IoT) technologies to mitigate the risk of UCO supply-chain fraud.

After evaluating multiple smart-contract platforms and their capabilities, VeChainThor was UCO Network’s “Layer 1 Blockchain Partner of choice,” UCO Network stated.

Meta-transaction features native to VeChainThor’s core protocol such as multiparty payment, multitask transaction, controllable transaction lifecycle and transaction dependency make development much more user-friendly, meeting the scalability needs of UCO Network’s planned enterprise adoption.

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 proof-of-authority (PoA) consensus mechanism also addresses UCO Network’s concerns of inefficient upgrade processes and wasteful uses of energy.

UCO Network and the VeChain Foundation’s full alignment regarding environmental, social and corporate governance (ESG) goals have been decisive differentiators that contributed to the establishment of this “natural and exciting partnership,” UCO Network stated.