DNV GL and VeChain have agreed on a partnership to use blockchain to improve the transparency of product and supplier information, significantly increasing the efficiency of supply chains. For DNV GL this is one of the a key step in establishing a Digital Assurance Concept, which uses blockchain as a foundational technology to ensure trust, security and accountability in global commerce.
VeChain is a pioneer in the blockchain industry, and controls the leading public blockchain platform for products and information. The company is one of the early movers in utilizing blockchain outside of the financial services and tech industries.
By combining DNV GL’s know-how with key blockchain features and utilizing Internet of Things devices like sensors embedded in products, it is possible to obtain unique insights into a product’s history, status and performance. For example, how it has been produced, transported, stored and its current quality. This transparency and insight along the entire supply chain will give companies increased control and improve overall efficiency.
Luca Crisciotti, CEO of DNV GL - Business Assurance (left) and Sunny Lu, CEO of VeChain.
Consumers, on their part, can verify that the product they are considering purchasing is safe and genuine. As an example, the consumer can directly check that a product was ethically sourced from a manufacturer, that frozen food was safely transported at the right temperature or that a luxury product is an original, and can even track a wine back to the grape.
“Data is becoming an increasingly valuable asset and this partnership with VeChain will enable our digital solutions to address changing needs in the data-driven economy,” said Luca Crisciotti, CEO of DNV GL – Business Assurance. “By leveraging the Internet of Things and blockchain technology, we are reinventing the assurance process. Our Digital Assurance Concept will provide both companies and consumers with an unprecedented degree of insight into product and supplier information, to an extent and with an accuracy which have not been possible before.”
The new solution will initially target the food & beverage, retail and fashion industries and progressively expand to cover other industries, starting with automotive and aerospace.
Sunny Lu, CEO of VeChain, said, “Blockchain has many applications beyond the financial sector and I'm glad that DNV GL has recognized the revolutionary impact it can bring to supply chain management. Together, we combine assurance and blockchain to help customers improve trust in their products across multiple dimensions; from quality and safety to performance aspects.”