DNV GL Partners With Blockchain Expert VeChain to Increase Transparency From the Factory to the Consumer

HOUSTON, Jan. 25, 2018 /PRNewswire/ -- 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 next steps in the company's Digital Assurance Concept, which uses blockchain technology 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 key blockchain features with embedded sensors and other "Internet of Things" technologies, 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.

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."

About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. Operating in more than 100 countries, our professionals are dedicated to helping customers in the maritime, oil & gas, power & renewables and other industries to make the world safer, smarter and greener.

As one of the world's leading certification bodies, we help businesses assure the performance of their organizations, products, people, facilities and supply chains through certification, verification, assessment, and training services. Partnering with our customers, we build sustainable business performance and create stakeholder trust across all types of industries.
https://www.dnvgl.com

About VeChain
VeChain is a global leading public blockchain platform tailored for enterprise use. VeChain aims to connect the blockchain technology to the real business world by combining scalable open blockchain infrastructure with comprehensive governance, a robust economic model as well as advanced IoT technology. VeChain is one of the top blockchain solution providers in the world. https://www.vechain.com/

Media Contact:
Faith Beaty, DNV GL
281-396-1757
[email protected]

SOURCE DNV GL

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