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- VeChain is embarking on an ambitious plan for mass blockchain adoption and has collaborated with Oxford University in its efforts.
- Creating a more sustainable world has taken center stage in VeChain’s vision and the project is collaborating with leading institutions to realize its goals.
VeChain CEO has announced that the project is working with one of the leading University institutions in the world. Sunny Lu expressed his excitement after having a meeting in the house of parliament. The CEO thanked the University of Oxford and hinted about future collaboration in the digital economy of sustainability.
As CNF has regularly reported, the VeChain project is focused on building a digital economy of sustainability. Through its blockchain and in collaboration with some key players, the project is pioneering sustainable blockchain solutions.
In the latest update, the project has unveiled its latest strategic partnership which will unite some of the brightest minds in the world. The University of Oxford which is located in England prides itself as a world-class research and education centre. The VeChain project now celebrates a collaboration with the oldest university in the English-speaking world.
We’re forging the path to #blockchain mass adoption in close collaboration with leading global institutions.
One day the world will run on #VeChain. #Sustainability #Web3forBetter $VET https://t.co/REzgarLyGr
— vechain (@vechainofficial) January 20, 2024
Interestingly, this is not a new collaboration between the two. In 2021, the Mathematical Institute at the University of Oxford co-authored a paper with VeChain for a technical paper on blockchain consensus protocols. The research focused on the overall performance of Byzantine Fault Tolerant (BFT) consensus and Nakamoto Consensus (NC) compared through the AlphaBlock framework.
The details of the new collaboration remain unclear but it is evident that the new initiative is another major step towards bringing billions of people into the blockchain network and building a more sustainable world. Notably, CEO Lu recently revealed that 2024 will be a big year for the VeChain crypto. He further revealed that the community may witness many new token integrations on VeChain.
How VeChain is Helping Create a Sustainable World
VeChain stands unique for its use of the Proof of Authority (PoA) consensus algorithm and its laser focus on building a platform considered to be more energy-efficient and sustainable than most.
Some of the ways that the blockchain can help bring sustainability to the real world include;
Sustainable Practices: Companies can show their commitment to sustainable efforts to consumers. This can help encourage sustainable practices within industries. This can be a great practice in the food and beverages industry where trust and authenticity is key.
Development of Renewable Energy Technologies: Blockchain technology has proven to be efficient in developing, deploying, and tracking renewable energy technology. VeChain has shown to be the best suit for these technologies and could accelerate their mass adoption.
Waste Reduction: With the VeChain blockchain providing a detailed record of a product journey in the supply chain, the data could help reduce waste by employing efficient systems and practices. This could go a long way to ensuring little waste across the supply chain.
Carbon Credits: VeChain is allowing companies to offset carbon emissions by buying carbon credits. This is a growing trend in the different sectors. Through VeChain, this is measurable and verifiable thanks to its cutting-edge blockchain.
At the time of press, VeChain (VET) is trading at $0.02702 after a 5% drop in the last 24 hours.