NORWAY – DNV GL and VeChain have agreed on a partnership to use block-chain to improve the transparency of product and supplier information, significantly increasing the efficiency of supply chains.

According to DNV GL, this is one of the next series of steps in the company’s Digital Assurance Concept, which uses block-chain technology as a foundational technology to ensure trust, security and accountability in global commerce.

VeChain is a pioneer in the block-chain industry, and controls the leading public block-chain platform for products and information.

Combining key block-chain features with embedded sensors and other “Internet of Things” technologies makes it possible to obtain unique insights into a product’s history, status and performance.

For example, it is possible to track how a food products has been produced, transported, stored and its current quality.

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

Consumers can also verify that the product they are considering purchasing is safe and genuine.

“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.

“By leveraging the Internet of Things and block-chain 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 & beverage, retail and fashion industries, and progressively expand to cover other industries, starting with automotive and aerospace.

“Block-chain 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 block-chain to help customers improve trust in their products across multiple dimensions; from quality and safety to performance aspects,” concluded Sunny Lu, CEO of VeChain.

VeChain is a global leading public blockchain platform tailored for enterprise use.

The company aims to connect blockchain technology to the real business world by combining scalable open blockchain infrastructure with comprehensive governance, a robust economic model as well as advanced IoT technology.