Battery Law to Unlock Trillion-Dollar Market for VeChain VET Blockchain

• The European Parliament and Council are close to passing the new battery law, which could require battery manufacturers to use blockchain technology.
• VeChain technology enthusiast @eisenreich believes that this bill is a great opportunity for VET blockchain as battery manufacturers can store their battery’s digital passport on its platform.
• The new battery law would help create a circular economy with an evaluation process for all stages of battery production, from design to disposal.

The European Union is getting closer to enacting a new law that could offer a major opportunity for the VeChain blockchain. The new battery law, which is being proposed by the European Parliament (EP) and the European Council (EC), would require battery manufacturers to adopt blockchain technology. This could open up a trillion-dollar market for VeChain’s digital passport on its VET blockchain.

The new battery law aims to create a more sustainable economy by creating a circular economy with an evaluation process for all stages of battery production, from design to disposal. Achille Variati, the EP’s rapporteur, praised the bill, saying that it would benefit the economy and the environment. He added that it would also help create a robust EU recycling sector for lithium and a strong industrial sector.

Vechain technology enthusiast @eisenreich pointed out that this bill presents a great opportunity for VeChain’s VET blockchain. Battery manufacturers can store their battery’s digital passport on the VET blockchain, which could open up a trillion-dollar market.

The new battery law could have a wide-reaching impact on the energy transition and autonomy of the European Union. It could even set a global benchmark for the world battery market.

VeChain is well-positioned to capitalize on this new battery law, as its digital passport technology is already being used by several Fortune 500 companies. With its digital passport technology, companies can store and track data related to their products, such as batteries, on the VET blockchain. This will help increase transparency and traceability, as well as reduce costs for manufacturers.

As the European Union moves closer to enacting the new battery law, VeChain has the potential to unlock a trillion-dollar market. This could be a major boon for the company and its VET blockchain, as more and more battery manufacturers look to adopt blockchain technology.