Advisory firm DNV GL has partnered with blockchain startup VeChain as it seeks to leverage blockchain technology to enhance the efficiency of supply chains.

In its official release, DNV GL revealed its plans to increasingly adopt blockchain technology to help companies boost the transparency and traceability of their products from the factory to the consumer.

Companies often depend on independent third parties, such as DNV GL, for manage complexity and risk in their supply chain and ensuring compliance with industry standards and stakeholder requirements. By using blockchain technology and Internet of Things devices like sensors embedded in a product, along with DNV GL’s expertise, will make it possible to obtain insights into a product’s history, status and performance.

According to the official release, the new solution will initially target the food & beverage, retail and fashion industries and gradually expand to cover other industries, starting with automotive and aerospace.

“Data is becoming an increasingly valuable asset and this partnership with VeChain will enable our digital solutions to address changing needs in the data-driven economy,” said Luca Crisciotti, CEO of DNV GL – Business Assurance. “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.”

For consumers, the solution would allow them to verify that the product they are considering purchasing is safe and genuine.

“Blockchain has many applications beyond the financial sector and I'm glad that DNV GL has recognized the revolutionary impact it can bring to 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,” Sunny Lu, CEO of VeChain, said.