DNV GL, the risk management and quality assurance company, has bought a stake in leading public blockchain service provider VeChain as it looks to use the technology to develop new digital assurance solutions.
The acquisition builds on the strong relationship between the two firms and follows the recent launch of My Story, a blockchain enabled digital assurance product, which gives a new level of insight into supplier and product information.
DNV GL took the step to buy the minority stake as it recognizes the growth potential in both the VeChain and the technology it is advancing.
DNV GL will also expand its blockchain capabilities thanks to extra privileges on the VeChainThor platform after becoming an Authority Masternode owner.
This means DNV GL will be one of the 101 authority node holders having the authority to validate and produce blocks, enabling it to offer more solutions to businesses on the public blockchain.
L-R: DNV GL – Business Assurance CEO Luca Crisciotti and VeChain CEO Sunny Lu
Luca Crisciotti, CEO of DNV GL – Business Assurance, said: “VeChain has helped us realize our digital assurance ambitions through the launch of new revolutionary assurance products in the market.
“The acquisition of a stake in VeChain is a natural progression of our relationship and the investment will allow us to transform our existing business model and bring Digital Assurance to a wider audience, including consumers.”
Using blockchain and other digital technologies, DNV GL worked with VeChain to develop its My Story digital assurance solution that tracks each stage of a product's manufacturing cycle.
It then gives purchasers greater insight into the characteristics and sustainability footprint of a particular item whilst guaranteeing the information is genuine.
Italian winemakers are early adopters of My Story, which means consumers will be able to scan a QR code on the bottle to find out information related to origin, quality, water usage and other product’s characteristics.
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The CEO of VeChain, Sunny Lu, explains how blockchain works:
DNV GL also took the bold move to put 90,000 of its management certificates on a secure, private blockchain after identifying the technology as a new way to guarantee their authenticity.
By using blockchain, anyone can access the history of a particular certificate in the knowledge that it is authentic and valid.
Remi Eriksen, Group CEO & President of DNV GL, commented: “DNV GL has been in the business of building trust for more than 150 years and blockchain is the latest way we are using technology to further strengthen this position.
“This investment in VeChain is part of our multi-tiered approach of using digital solutions to improve quality, efficiency and transparency in our targeted markets.”
Sunny Lu, CEO of VeChain, stated: “blockchain is a transformative technology and DNV GL has been quick to not only recognize its potential but also implement real world solutions.
“This investment strengthens the ties between the two companies and will bring greater transparency to the thousands of DNV GL customers.”