Global Consultant DNV Invests in Blockchain Startup VeChain

NEWS
Nikhilesh De
May 15, 2018 at 15:00 UTC  |  Updated  May 15, 2018 at 15:26 UTC

Norway-based registrar organization DNV GL has invested in blockchain startup VeChain as part of an expansion of an existing working relationship.

While the companies did not reveal the amount of the investment, VeChain CEO Sunny Lu told CoinDesk that the companies would continue their partnership, which uses VeChain's network to securely store supply chain management data. The move marks one of the first enterprise investments in the VeChain network, he added.

Furthermore, DNV plans to become the first VeChain Authority Masternode holder, meaning it will have control over 101 Authority Masternodes on the startup's public VeChainThor network.

Luca Crisciotti, chief executive of DNV, told CoinDesk that the investment is one of several aimed at improving its existing processes – in this case, using VeChain's network to become more efficient, he said.

Additionally, the two firms will build a supply chain product for DNV clients using VeChain technology.

"We are able to provide with VeChain a solution that balances safety and [speed]," Crisciotti explained, adding:

"Our mission is the ability to make sure that product is reaching the shelves, that it's ultimately reaching the consumer ... What we are providing to our customers is commitment."

DNV's original agreement with VeChain was aimed at helping it more efficiently track food, beverage, fashion and retail products, as previously reported by CoinDesk.

Crisciotti cited VeChain's speed as a reason for picking the startup, explaining: "We needed a quick blockchain. With VeChain, we can do that."

The news marks DNV's latest move in the blockchain space. Crisciotti told CoinDesk that one pilot was undertaken last year thus far involved the registrar issuing certificates on its private blockchain.

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