DNV GL will progressively adopt blockchain to help companies boost transparency and traceability of their products from the factory to the consumer.
It will initially target food & beverage and the retail and fashion industries and then expand to cover sectors such as automotive and aerospace.
Companies often rely on third parties, such as DNV GL, to manage complexity and risk in the supply chain and ensure compliance with industry standards and stakeholder requirements, from product quality to corporate responsibility.
Specific product insights
By combining DNV GL’s know-how with blockchain features and using Internet of Things devices like sensors embedded in a product, it is possible to get unique insight into a product’s history, status and performance.
For example, how it has been produced, transported, stored and current quality.
DNV GL said this transparency and insight along the supply chain will give companies increased control and improve overall efficiency.
Consumers can verify the product they are purchasing is safe and genuine. They can check it was ethically sourced from a manufacturer, that frozen food was transported at the right temperature or a luxury product is an original and can track a wine back to the grape.
Luca Crisciotti, CEO of DNV GL – Business Assurance, said data is becoming an increasingly valuable asset.
“By leveraging the Internet of Things and blockchain 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.”
VeChain controls a public blockchain platform for products and information.
Sunny Lu, CEO of VeChain, said blockchain has many applications beyond the financial sector and can impact supply chain management.
“Together, we combine assurance and blockchain to help customers improve trust in their products across multiple dimensions; from quality and safety to performance aspects.”
Meanwhile, OriginTrail has raised $22.5m to help build transparency beyond the ‘one step down, one step up’ principle.
OriginTrail is a purpose-built protocol for supply chains based on blockchain technology.
It has created a decentralized, off-chain network for the needs of supply chains and combines supply chain data from different IT systems.
The firm spoke in detail with our sister publication in 2016 and is part of the Bits x Bites food tech accelerator program.
Tomaž Levak, co-founder and CEO of OriginTrail, said: “With this support, we can now begin executing the entirety of our roadmap over the next three years and ensure that ODN makes its way towards becoming the open-source standard for building transparency in supply chains.”