VeChain’s superior technology applied to blockchain-powered sustainable biofuel production in the billion-$ market

• The partnership between the VeChain blockchain and the UCO Network will significantly increase the growth of the chain for VET and related tokens.

• With the new UCO network fundraising app, businesses can benefit significantly by increasing their visibility to reach a wider customer market.

In mid-September last year, UCO Network, a blockchain-based ESG-focused biofuels 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, rapeseed oil, olive oil, palm oil, or animal oil that has been used several times and the quality has been reduced. Mostly, used cooking oils are found in the food industry such as restaurants and fast food.

However, due to the economies of scale, traceability of used cooking oil is challenging for most collectors in Europe and elsewhere, hence the need for blockchain technology. In particular, UCO Network offers traceability solutions for used cooking oil with a focus on automatic compliance with the EU’s Renewable Energy Directive II.

In an effort to reduce 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 having to start everything from scratch, at low cost and low lead time. The PoA consensus mechanism also addresses UCO Networks’ concerns about inefficient upgrade processes and wasted energy,

UCO Network previously noted in a press release.

The partnership between the VeChain blockchain and the UCO Network will significantly increase the growth of the chain for VET and related tokens.

UCO Network Announces Fundraising App Pilot Program

The UCO Network has announced the open enrollment for the pilot program for our new UCO fundraising 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 fundraising app, businesses can benefit significantly by increasing their visibility to reach a wider customer market. As a result, biofuel production companies in Europe can leverage the prowess of VeChain technology to streamline supply chain management.

Congratulations on the milestone @UCONetwork and make progress towards enabling #blockchain– driven #sustainable production of biofuel in and outside Europe.#Sustainability #Blockchain #VeChain $KNOW

— VeChain Foundation (@vechainofficial) 13 February 2023

The new UCO network collection application, apart from streamlining business operations, guarantees data-driven insights. As a result, used cooking oil collection companies can cut costs associated with manual data entry.

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The VeChain blockchain has experienced significant growth driven by institutional adoption. The VeChain network hit and passed 2 million known addresses after facilitating over 20,000 smart contracts.

We don’t fake Tx numbers like anyone #blockchains – each transaction represents honest economic activity driven by $KNOW.

With our first 2023 million+ transaction day driven by Fortune 500 #1, we are excited to continue to expand #VeChaintechnological use this year and beyond.#Crypto pic.twitter.com/CeFO6ERDkC

— VeChain Foundation (@vechainofficial) 11 February 2023

Notably, the VET token has a reported market capitalization of approximately $1,666,356,920 and a 24-hour trading volume of around $59,384,676. Down about 91 percent from ATH, however, VET is facing increased selling pressure as the crypto market faces regulatory uncertainty from the US.

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