DNV GL partnership a big win for new crypto VeChain

Janica San Juan 11 January 2018

crypto IT image

VeChain has announced a new partnership with certification service provider DNV GL.

The partnership aims to ensure the accuracy of data provided to the latter by its massive customer base of over 80,000.

According to VeChain CEO, Sunny Lu, this strong customer base will inform future services from the company to fully utilise the potential in this huge target market. He explains that the task cannot be an easy undertaking but that his company is up to the challenge.

Strategic partnership

This move is particularly strategic considering the global popularity of DNV GL. It is world renowned for its certification service provision for business entities. It also belongs to the global ISO certification authority as well as the body regulating standard of carbon emissions globally.

It has partners in more than 187 countries in all continents of the world. Some of its highly famed customers include Alibaba, Oracle, Coca Cola, IBM, HSBC, Tencent and Cisco. On an annual basis, it issues out as many ISO certificates as its huge customer base.

At the same time, the company also works with around 6,000 companies in the food and beverage industry. Another industry that uses its services is the medicine industry which has numerous organisations looking for assistance in improving their medical services.

Suffice it to say that the company has tentacles in virtually every corner of the globe as well as within numerous industries. Its business accreditation responsibility places it in the position as it has to verify that the products adhere to stipulated standards so as to ensure consumer security.

Many of their current and future clients are gradually adopting digitisation as a means to simplify operations and enhance accuracy. Verifying digital systems requires a different approach from the one they have been employing over the ages.

Why blockchain?

This is the reason behind the move to partner with a blockchain company. They explain that one of the biggest challenges that they currently have to contend with is data analysis. Traditional methods cannot ascertain the trustworthiness of data provided but blockchain can help in this regard.

VeChain is the first-of-its-kind blockchain technology that focuses on products and information. Its objective is to build a business ecosystem that is distributed and trust-free with the inherent advantages of the blockchain.

Being an ecological environment system, it offers its users unique advantages that are not available on other platforms. It is completely transparent and breaks down the trust barrier between organizations. It also allows users to record the entire supply chain information in order to simplify verification processes.

It plans to achieve its objectives through the digitisation of assets making it easy to track movement through the supply chain.

This news has been received with enthusiasm by many in the crypto community who had previously bought into this unique innovation hoping for a breakthrough. It has indeed come much sooner than many expected as they now predict massive surges for the VeChain token VEN.

The network might still have more reason to celebrate in the near future as other big names are listed as their partners including Madeforgoods, Kuehne Nagel and Givency among others.

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
Go to site