New Digital Assurance Concept will increase transparency and efficiency across the whole supply chain
DNV GL is a global provider of assurance services and one of the world’s leading certification bodies, assisting companies in a range of industries to improve their business performance. Going forward, DNV GL will progressively adopt blockchain to help companies boost the transparency and traceability of their products from the factory to the consumer. As one of the early movers in utilizing the technology outside fintech, VeChain is a pioneer in the blockchain industry and controls the leading public blockchain platform for products and information.
Companies often rely on independent third parties, such as DNV GL, to manage complexity and risk in their supply chain and ensure compliance with industry standards and stakeholder requirements, spanning from product quality to corporate responsibility.
For example, DNV GL might work with a food producer to ensure it has processes in place to properly manage food safety in all steps of the supply chain, or help a car manufacturer ensure the functional safety of its vehicle.
Now, by combining DNV GL’s know-how with key blockchain features and utilizing Internet of Things devices like sensors embedded in a product, it is possible to obtain a unique insight into a product’s history, status and performance.
For example, how it 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.
Consumers, on their part, can verify that the product they are considering purchasing is safe and genuine. As an example, the consumer can directly check that a product was ethically sourced from a manufacturer, that frozen food was safely transported at the right temperature or that a luxury product is an original, and can even track a wine back to the grape.
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.