DNV GL speaks out about VeChainThor Blockchain after using the public blockchain for one year
DNV GL is one of the world’s leading certification bodies in the world boasts over 150 years trusted history. DNV GL serves over 100,000 enterprise-level clients, including renowned brand names such as Coca Cola, Tencent, Apple, Huawei, Ferrari and Haier. The global business assurer has been actively promoting digital transformation at both DNV GL Global and DNV GL China in recent years. It has identified the potential that blockchain possesses in boosting transparency, traceability and empowering various verification solutions that they currently have at DNV GL.
VeChain, the world’s leading Blockchain-as-a-Service company and one of the early movers that pioneered the enterprise-level public blockchain technology outside of fintech, joined hands with DNV GL in developing blockchain-based business solutions upon VeChainThor Blockchain to facilitate its digital transformation every step of the way.
On January 24, 2018, the two parties forged a strategic partnership with an initial common goal of combining DNV GL’s know-how in the assurance industry with the advanced blockchain technology provided by VeChain to empower clients with increased control over their products and services and improve overall efficiency across the value chain.
Since then, VeChain and DNV GL embarked on a spectacular journey of promoting mass commercial adoption of blockchain technology not limited to supply chains, and successfully launched multiple blockchain-based solutions such as My Story™, Digital Carbon Ecosystem, and helped integrate blockchain technology into various industries including F&B, FMCG, Luxury, Automobile, Healthcare, and more. The two have built a great model of how blockchain technology can be leveraged to facilitate business assurance. The solutions co-developed empowered DNV GL’s traditional corporate clients and generated a new value which strongly enhanced market competitiveness for both.
In the case of My Story™, VeChain ToolChain developer portal has been integrated to collect all kinds of data covering production, logistics, and retail. The data collected are validated by DNV GL and uploaded to the VeChainThor Blockchain for authenticity. With blockchain, the data can be shared seamlessly among producers and end-consumers, thus solving the issue of information asymmetry and restoring consumer trust.
In the case of a digital carbon ecosystem, VeChain’s smart contracts, which are embedded with the mathematical model designed jointly by DNV GL and industry experts, are used for calculating carbon reduction equivalents. With the equivalent, carbon reduction entities will be rewarded with carbon credits accordingly, which can then be used in exchange for products and services. In this way, a network of value connecting enterprises and other participants is built within the ecosystem.
For an emerging technology that is still at its infant stage like blockchain, this is the best of the times. The world is witnessing an increasing awareness of the significance of food safety, anti-counterfeiting, traceability, and sustainability among enterprises and individuals, yet industry giants are falling short of providing reliable solutions. With VeChainThor Blockchain-based solutions, DNV GL and VeChain will, for sure, standout and serve as a market leader in tackling these problems.
We’re grateful for everything that DNV GL has done to further the adoption of VeChainThor Blockchain-based solutions and applications across the industries. Going forward, VeChain will work closely with DNV GL to accelerate the process of digital transformation; and together win a broader acceptance from the mainstream and explore new application scenarios.
Launched in 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco.
Together with our strategic partners PwC and DNV GL, we have established cooperative relations with many leading enterprises in different industries, including Walmart China, BMW, BYD Auto, Haier, Bright Food, D.I.G, DB Schenker, PICC, etc.