DNV GL Joins Blockchain Movement Through Partnership With VeChain

Blockchain technology is considered one of the major breakthroughs of the decade and perhaps this century because of its wide application especially in the corporate world and it looks like DNV GL is looking to tap into it. The risk management company has reportedly signed a partnership with a blockchain startup called VeChain.

The two companies made the announcement about their partnership on Wednesday revealing that they will be working together to create a Digital Assurance Concept (DAC) based on blockchain technology. The DAC will be a secure record that will help clients to monitor their assets with more ease. The solution developed through the partnership will be focused on boosting the level of transparency involved when dealing with product and supplier information.

DNV GL’s Chief Executive Officer Luca Crisciotti had this to say: "Our Digital Assurance Concept will provide both 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,"

Crisciotti also explained that teaming up with VeChain will allow his firm to transform its digital products so that they can be easily adapted to suit the needs of the customer, especially where data collection is involved. VeChain was launched as an enterprise software in 2016, and it was aimed at creating, managing, maintaining and updating shared product data within a supply chain. Its main areas of focus include supply chain management, asset management, client experiences and anti-counterfeiting.

Both VeChain and DNV GL will work towards creating a blockchain platform that will be used to keep track of fashion, retail, food and beverages. However, they will also keep working on the platform so that it may be used in the aerospace industry. Crisciotti believes that the partnership will allow the digital solutions from the two companies to cater to the needs of the data-driven economy especially as data continues to become more valuable.

VeChain CEO, Sunny Lu pointed that blockchain technology can be applied in a variety of industries other than the financial sector. He also acknowledged DNV GL for recognizing the advantages that blockchain can offer to supply chain management. Lu also added that the two firms will work towards the integration of blockchain and assurance, a move that will enhance trust in the clients’ products throughout in multiple aspects including performance and safety. Consumers will also get to verify the safety and legitimacy of the products.