Yesterday, the Chinese blockchain startup VeChain signed a cooperation agreement with the international company risk management Det Norske Veritas and Germanischer Lloyd’s (DNV GL). Under the agreement VeChain will assist in the implementation of joint programmes DNV GL and UN in the field of sustainable development. About DNV announced on his official Twitter account.

The signing of the Memorandum “On digital, low-carbon ecosystem DVN GL and VeChain” took place during the Norwegian-Chinese business summit, being held this week in Beijing. As guarantors and witnesses of the signing ceremony were made by the king of Norway Harald V (Harald V) and his wife, Queen Sonja (Sonja av Norge).

Among the parties to the agreement, in addition to VeChain includes other Chinese organizations and companies: the company-car manufacturer BYD, the Research centre of Sino-us relations at Tsinghua University, and Shanghai Xiandao Food (the local branch of Bright Foods).

The main objective of the agreement is the increase in the download of the blockchain VeChainThor and related IoT devices to calculate the carbon emission reduction and proportional issuance of carbon credits — certificates neutralize nevypolnima carbon. The operation of this compensation system will provide smart contracts. In addition, the system on the basis of VeChainThor likely to be used for recording of data on reduction of CO2 emissions in businesses and households.

The summit will end this Friday, October 19. Perhaps, during these two days will be news about the new agreements: after the ceremony, members of the Royal family and representatives of industry and business, Norway visited the ceremonial reception of Chinese President XI Jinping. During the informal part of the event guests and members of the Chinese government discussed the further cooperation, including in the area of sustainable entrepreneurship.

VeChain not the only startup using blockchain technology in projects to reduce carbon emissions. In may, IBM announced a joint Veridium Labs system development tokenization of carbon credits.