Norway’s DNV GL has Invested in Blockchain Startup VeChain
DNV GL of Norway has invested in a Blockchain startup VeChain as part of existing work relationship extension. Even though the companies did not reveal the amount of investment Sunny Lu, the CEO of Vechain said that the companies have a good partnership. DNC GL uses VeChain’s network to secure and make its supply chain data management more transparent.
DNV is also planning to become the first VeChain Master node holder which means it will have more than 101 Authority Masternodes on VeChainThor network. According to DNV’s Chief Executive Luca Crisciotti, the investment will one of the many aimed at improving the existing process like in this case of using VeChain’s network to be better.
More to that the firms are also planning to build a supply chain product for DNV customers using the VeChain technology. According to Crisciotti:
“We are working with VeChain to provide a solution to our customers which will balance safety and speed. Our main is the ability to ensure that products are reaching the shelves and more to that reaching our consumers. With this advancement, we are making a commitment to our customers.”
VeChain’s original agreement with DNV was to help the later track beverages, food, fashion and retail products. Crisciotti said that VeChain offers technology with good speed and that the reason for picking them. In his explanation: “We needed a very quick Blockchain, and that’s what VeChain offered.” This is however not the first move by DNV into the Blockchain world because last they undertook one pilot project which involved the issuance of certificated through the Blockchain technology.
Blockchain technology is particularly becoming famous in the Supply chain sector because it reduces the time taken in signing agreements and also doing reconciliations. With Blockchain Reconciliation is not required because all the involved parties are on the platform which increases efficiency while reducing costs.