DNV GL buys stake in blockchain service provider VeChain

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.”​