Audit giant DNV GL partners with VeChain to push blockchain technology

Audit giant DNV GL has partnered with blockchain start-up firm VeChain 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 says it controls the leading public blockchain platform for products and information, and has proved to be one of the early movers in utilising blockchain outside of the financial services and tech industries.

By combining key blockchain features with embedded sensors and other "Internet of Things" technologies, VeChain says it is possible to obtain unique insights into a product's history, status and performance.

This transparency and insight along the entire supply chain will give companies increased control and improve overall efficiency.

“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.

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“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 and 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 recognised 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.”