Norway-based DNV GL has bought stakes in leading public blockchain provider, VeChain. The acquisition will allow the risk management and quality assurance company to gain access to tools and technologies for developing new digital assurance products.
DNV GL and VeChain Partnership
The two have yet to disclose the extent of the buy-in, as terms of the deal remain under wraps. However, the investment underscores DNV GL’s growing confidence in the growth potential of both VeChain and the technology it is working on.
With the partnership, DNV GL stands to gain access to vital technologies that will allow it to expand its blockchain privileges.
(Source: DNV GL)
DNV GL also stands to expand its blockchain capabilities thanks to what VeChain brings to the table with its VeChainThor platform. The collaboration also allows the company to become the first VeChain Authority Masternode holder, a feat that accords it will be one of 101 Authority Masternodes on the VeChainThor Network.
The two companies also plan to build a supply chain product leveraging VeChain Technology. According to DNV Chief Executive Officer of Business Assurance Japan K.K., Luca Crisciotti, the investment is one of the many that the company is using to improve its existing processes. Crisciotti reported the following:
“VeChain has helped us realize our digital assurance ambitions through the launch of new revolutionary assurance products in the market. 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.”
Building on My Story Success
According to CEO, Remi Eriksen, DNV GL has been in the business of building trust, and the acquisition of stakes in VeChain will only strengthen the company’s resolve and ambitions. The partnership is thus expected to bring greater transparency to thousands of the company’s customers.
It’s not the first time that DNV GL and VeChain have come together in a bid to leverage blockchain technology capabilities. My Story, a digital assurance solution designed to track each stage of a product manufacturing cycle, was born out of the ongoing partnership.
My Story is currently being used by Italian winemakers to scan QR codes in wine bottles to get an insight about their origin, quality, and water usage among other characteristics. DNV GL has already used the VeChain blockchain solution to put 90,000 management certificates on a secure private blockchain.
DNV GL casts itself as a quality and risk and management company focused on safeguarding life and the environment. The company operates in over 100 countries and has clients in the industries of oil, gas, maritime, power and renewables.
VeChain, on the other hand, is a blockchain focused startup that seeks to make identification of counterfeit products much easier with the help of RFID technology. The company aims to connect blockchain technology to the real world, backed by a first-class research and development team of over 90 employees. The VeChain Thor public blockchain is the company’s underlying infrastructure dedicated to blockchain applications.
VeChain comes into DNV GL partnership fresh from inking a partnership with German Car manufacturer BMW and Oxford University. While terms of the deal remain scarce, it is likely that it revolves around leveraging VeChain’s supply chain platform.
Currently, VeChain is trading at ~$3.45 with a market cap of ~$1.8 billion.