VeChain Partnership Helps DNV GL Better Audit Supply Chains with Blockchain
Risk management company DNV GL is partnering with blockchain startup VeChain to improve transparency and increase the efficiency of supply chains.
According to their press release, DNV GL’s plan is to develop a blockchain platform to track food, beverages, fashion, and retail. The eventual goal is to apply the blockchain platform to the aerospace industry.
DNV GL currently assists companies in a range of industries to improve their business performance. They stated that with its “blockchain features, it is possible to obtain a unique insight into a product’s history, status and performance.” The transparency and insight along the entire supply chain will, therefore, provide companies increased control and improve overall efficiency in their supply chain.
Chief executive officer Luca Crisciotti believes that partnering with VeChain will help DNV GL become more adaptable for its clients. Crisciotti stated that “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.”
DNV GL leveraging blockchain technology
DNV GL is one of the world’s leading provider of assurance services. Many companies rely on DNV GL to manage complexity and risk in their supply chain, ensuring standards compliance. Requirements go across the board, spanning from product quality to corporate social responsibility.
By combining DNV GL’s blockchain features and utilizing Internet of Things (IoT) devices like sensors embedded in a product, companies can look into the product’s history, status, and performance every time it changed hands.
For example, DNV GL can help food producers manage food safety in their supply chain. The blockchain’s features can offer insight into the production, transportation, storage, and quality of food. The transparency and insight along the entire supply chain provides companies greater control and improves overall efficiency.
Consumers benefit from increased transparency
Companies using DNV GL’s blockchain platform can also provide further verification of their product to consumers. With the increasing levels of food fraud in the market, a blockchain platform can help consumers verify that the product they are purchasing is safe, genuine and that the brand is true to their word.
For example, the consumer can check whether the product was ethically sourced, whether the transportation of food was safe and at the right temperature, or verify that a luxury product is original.
Crisciotti also mentioned that “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. By leveraging the Internet of Things and blockchain technology, we are reinventing the assurance process.”
Beyond the Financial Sector
DNV GL’s partnership with VeChain demonstrates the versatility of blockchain technology. Sunny Ly, 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.”
While this partnership represents a large milestone for DNV GL, it’s not the first time DNV has leveraged blockchain technology. In November 2017, DNV GL partnered with Deloitte and transferred all its 90,000 certificates to a private blockchain. Every certificate is digitally tagged, traceable, and stored in a private blockchain. The technology blocks counterfeit certificates, allowing companies to communicate their certification transparently.
DNV GL stated in a press release that they were the first to implement a blockchain solution in the certification industry.
With DNV GL’s growing partnerships, they are currently leading blockchain development in non-financial industries.
Image credit: VeChain
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