News in Brief

DNV GL buys stake in blockchain service provider VeChain

By Joseph James Whitworth contact

- Last updated on GMT

Picture: iStock/vetkit
Picture: iStock/vetkit
DNV GL has bought a minority stake in blockchain service provider VeChain to use the technology as part of a focus on transparency.

The two companies partnered earlier this year to help companies improve traceability of products from the factory to the consumer.

DNV GL said it recognises the growth potential of VeChain and blockchain technology.

The acquisition builds on the launch of My Story, a blockchain enabled digital assurance product which gives insight into supplier and product information.

Italian wine makers have adopted My Story so consumers can scan a QR code on the bottle to find information related to origin, quality, water usage and other product characteristics.

Luca Crisciotti, CEO of DNV GL, said VeChain has helped it realise digital assurance ambitions. 

“The acquisition of a stake in VeChain is a natural progression of our relationship and the investment will allow us to transform our existing business model and bring digital assurance to a wider audience, including consumers."

Remi Eriksen, group CEO and president of DNV GL, said: "This investment in VeChain is part of our multi-tiered approach of using digital solutions to improve quality, efficiency and transparency in our targeted markets."

The price and percentage of the stake was not disclosed and completion of the deal is subject to conditions.

Sunny Lu, CEO of VeChain, said the investment will bring greater transparency to DNV GL customers.

“Blockchain is a transformative technology and DNV GL has been quick to not only recognize its potential but also implement real world solutions.”

Related topics: Business, Beverage, Marketing

Related news

Show more

comments

Post your comment

We will not publish your email address on the website

These comments have not been moderated. You are encouraged to participate with comments that are relevant to our news stories. You should not post comments that are abusive, threatening, defamatory, misleading or invasive of privacy. For the full terms and conditions for commenting see clause 7 of our Terms and Conditions ‘Participating in Online Communities’. These terms may be updated from time to time, so please read them before posting a comment. Any comment that violates these terms may be removed in its entirety as we do not edit comments. If you wish to complain about a comment please use the "REPORT ABUSE" button or contact the editors.

PRODUCT OF THE WEEK

Follow us

Products

View more

Webinars