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Insurance Company With $126 billion Total Assets Looks Up To Vechain (VEN) On Blockchain Tech

The pronouncement of a partnership between a China based insurer and VeChain (VET) blockchain technology has been heightened to bring innovations into the insurance sector after the collaboration was inscribed into record.

Coming from the VeChain Blockchain is a Press Release which indicates that the alliance was initiated between three companies among which DNV GL exist.

Due to the ill situation of data collection, verification, and auditing which results in price increase, PICC opted for Blockchain with believes that the technology will bring digital transformation, reduction in the turnaround time, premiums and at the same time prevent fraud while heightening KYC compliance.

Coupled with the realization of advanced IoT devices and smart contracts, companies with profitable business models have been tipped of instant compensation.

With the latest development from the partnership, PICC will provide a healthier assured solutions to protecting data and distributed ownership.

Acknowledging the partnership, Vechain foundation, on its twitter page disclosed that, “People’s Insurance Company of China (PICC), one of the largest insurer globally with $126 billion total assets, is opting to embrace blockchain technology with the help of DNV GL and VeChain”.

Similarly, the Co-founder of the blockchain technology, Sunny Lu in a statement declared that, “Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.”

PICC said its chose VeChain as the provider of the blockchain technology due to the standing solution the latter, in collaboration with DNV GL have been able to provide to government and businesses.

The CEO of DNV GL, China Region, George Kang added that, “The role DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing.”

About People’s Insurance Company of China (PICC)

Based in China, PICC was established in the year 2003 with PICC Group. Majorly, PICC deals with commercial property insurance, motor vehicle insurance, homeowners insurance and liability insurance, among others.

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VeChain (VEN) Unveils Drug and Vaccine Traceability Solution For Over 30 Million People

VeChain (VEN) has offered its state of the art drug and vaccine traceability solution for over 30 million people, in its bid to combat the pharmaceutical scandal in China.

Recently, China’s Food and Drug Administration (CFDA), after investigating vaccine manufacturer Changchun Changsheng Biotechnology, discovered the company was involved in the obscene act. The investigation resulted in the authority revoking the company’s license for human rabies vaccines, and it afterward initiated a recall for all unused vaccines produced by the company.

During the investigation, it was unearthed that the Chinese vaccine producers manufacture hundreds of thousands of uncensored, faulty and falsely documented vaccines to Chinese school children.

The action later resulted in uproar in the nooks and crannied of the world, especially on social platform. It engineered the China’s President, Xi Jinping, to brand the scandal as “vile and shocking.”

Drug and Vaccine Traceability Solution Developed by VeChain and DNV GL

Now, VeChain, in partnership with DNV GL, is deploying blockchain powered technology to kick-start an advanced drug traceability, monitoring, security, and auditing. VeChain, which is the only approved blockchain traceability provider in Shangai deemed it necessary to offer China traceability requirements by 2020.

At the moment, VeChain’s traceability solution is being developed and tested in Shanghai, and will soon be rolled out across China.

In a release by the VeChain, it was reflected that the blockchain’s drug and vaccine traceability solution coupled with its highly sensitive IoT devices, capture and record all data involved in vaccine manufacture and transport.

It also includes getting vaccines from manufacturers, storage facilities, cold chain distribution, hospitals, and even usage.

While ensuring the reliability of the data source, VeChain’s solution also eliminates the potential risks in the whole process and ensures that vaccine records are immutable and permanent.

No doubt that the VeChain’s vaccine traceability solution will alleviate future vaccine manufacturing scandals with its accurate backtracking and accountability, targeted recall and disposal, real data-based early warning and risk management, and its exclusive ID for each vaccine.

“The VeChain vaccine traceability solution will be shown alongside other VeChainThor Powered solutions at the China International Import Expo — one of the highest-profile import/export conferences in the world,” the statement has said.

VeChain and DNV GL, who are both participating in this event and showcase were specifically invited by the Chinese government.

During the showcase, government of the country, will show that they are backing the partnership of VeChain and DNV GL. Interestingly, President Xi Jinping will also be in attendance.

Earlier, Ethereum World News reported that Waltonchain (WTC) suggested a blockchain solution that will nick the habit in the bud, stating that it will provide free of charge traceability solutions for vaccine enterprises, government and hospitals in the country.

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VeChain Arrives: What to Know About the $1.5 Billion Blockchain for Business

Yet another top-20 cryptocurrency has officially released live software.

As of 0:00 UTC Saturday, the first block on the VeChain blockchain, whose token supply is valued at $1.46 billion at writing, has been mined, marking a milestone for a project that aims to be among the first to convince enterprise businesses to adopt code tied to a crypto asset traded on a public market.

Seeking to address obstacles with public blockchains like ethereum and bitcoin (namely alleged governance inefficiencies, economic model issues and application design difficulties), the project also hopes to eclipse solutions like Hyperledger that have so far been the go-to platforms for business.

In short, founded by former CIO of Louis Vuitton China, Sunny Lu, VeChain hopes to be the first to put “real business” applications on a public blockchain.

“Right now, if we look at all the existing public blockchains, there is a common economic model which is from bitcoin that tries to motivate more people to join the network,” Lu explained.”The cost to use public blockchains is linked to the token valuation on the blockchain directly.

For the execution of more exotic blockchain features like smart contracts and decentralized applications, Lu argues this is a problem.

He told CoinDesk:

“It kind of generates a typical paradox which is, the more utility, the more use cases, the higher valuation of the token. It also means a higher cost to use the blockchain, and that means no one will use it anymore if the cost is too high.”

To solve this, VeChain uses a twin token system in which its VET asset functions as a store of value, and the VeThor token represents the underlying cost of using the blockchain. (The project is not alone in using such a system. Both Neo and Ontology also support twin tokens that seek to break up user behaviors.)

Still, another means by which VeChain has sought to differentiate is by emphasizing what Lu calls “ready to wear” software that reduces development time and costs.

“All of the public blockchains running in total decentralization mode are like naked blockchains to most enterprises,” Lu said. “Because it’s just open source for the core codes, if you want to build up an application, you’ve got to do everything by yourself starting from scratch.”

Early backing

But perhaps what distinguishes VeChain from its competitors is the extent to which enterprises are already said to be involved in that process. VeChain boasts partnerships with automobile manufacturers BMW and Groupe Renault, and global quality assurance and risk management company DNV GL.

Some partners, like DNV GL, have even taken on a more technical role in the project’s execution – specifically within its governance system, a key part of VeChain’s pitch to businesses.

Notably, the project uses a system called “proof-of-authority” (PoA) to govern how its blockchain rules can be altered, which Lu says offers enterprises “a balance between decentralization and centralization.”

VeChain is not the first project to attempt to walk this line.

EOS and Tron have also experimented with new governance models in which software users are positioned as “community members” that can use their tokens to elect delegates (nodes) to validate blocks.

In this way, VeChain’s consensus system has two components. The first, what Lu refers to as the “decentralized part,’ is that token holders have the ability to vote, and that the weight of their vote corresponds to the number of VET tokens they hold and whether or not they complete a KYC process.

Some token holders, like DNV GL, also run nodes, and to do so, must meet certain requirements.

“Every node will have specifications, not only about hardware, but about the security level and process, how to manage your nodes and your contribution to the VeChain community,” Lu told CoinDesk.

All voters use their “voting authority” to have a voice in decisions about technical modifications to the blockchain and to elect VeChain’s “Steering Committee.” This is what Lu calls “the centralized part,” which is the seven seat governing body of the VeChain foundation and its blockchain.

“Those seven seats of the committee, we will execute any decisions coming from the voting process, even including who should be next in the Steering Committee,” Lu said. “By doing that, you maintain the publicity or transparency of a decentralized part and also maintain the efficiency of a centralized part.”

Finding a sweet spot

So, while decentralization maximalists have been critical of the DPoS and PoA systems, businesses don’t seem to share their concerns.

Renato Grottola, senior vice president of digital transformation and M&A at DNV GL, told CoinDesk that he believes VeChain’s governance model represents “an optimal balance between centralization and decentralization, reducing uncertainty related to future developments.”

Likewise, Danny van de Griend, CEO of MustangChain, a startup which intends to use VeChain’s technology to create a more transparent equine industry with better data accessibility agrees.

“If you want to have it fully decentralized, it can become a mess,” he told CoinDesk. “You need a good balance between centralized and decentralized.”

De Griend continued:

You don’t have to think about the basics anymore. Those basic protocols are ready to be used, so you can think more now about, ‘What can I develop now for the stakeholders?'”

Grottola added that this makes it easy for DNV GL to develop supply chain-specific solutions,

“VeChain has been conceived as a platform; it combines blockchain technology with IoT and AI thus offering the possibility to develop supply chain solutions both at product/asset and enterprise level.”

More to build

But the launch Saturday won’t mark the end of VeChain’s development.

While Saturday marks the creation of the genesis block and the start of the generation of VeThor tokens, the blockchain won’t be fully functional for some time. Before the technology can be truly live, VeChain must migrate its tokens from the ethereum blockchain to its mainnet, a process scheduled for July.

Likewise, Lu acknowledges that mainnet launches, in which large sums of cryptocurrency are handled and transferred by developer teams, always come with risk.

“We have some enemies for sure,” Lu said. “People will try to attack.”

For this reason, he added that VeChain has enlisted several cybersecurity firms to conduct testing on its code prior to the launch. Likewise, the project has an “emergency response team” (ERT), which will “monitor the entire mainnet launch” to respond to issues.

According to Grottola, DNV GL is confident that VeChain’s measures will be sufficient to ensure a smooth launch.

“This is a normal practice in business, [but] not so common for crypto startups. That kind of structured approach has been one of the key criteria for choosing the VeChain initiative among other concurrent platforms,” he said.

Yet, partners are optimistic. Kurt Connolly, senior vice president of business development at sports and gambling platform Decent.Bet, which plans to use VeChain’s technology, said the company thinks the odds of a successful launch are in VeChain’s favor.

He told CoinDesk:

“We’re realists. We know that the next ‘perfect’ product launch will be the first ever ‘perfect’ product launch. There are always bugs to fix here or there.”

Sunny Lu image via VeChain

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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DNV GL Buys A Stake In VeChain (VEN) To Develop New Digital Assurance Solutions

News reaching Ethereum World News indicate that top Risk Management and Quality assurance firm,  DNV GL, has just bought a stake at VeChain (VEN). The extent of the buy-in has not been fully disclosed, but this adds to the PwC investment in VEN that was made back in May 2017 to accelerate the development of the VEN project.

            DNV GL – Business Assurance CEO Luca Crisciotti and VeChain CEO Sunny Lu [Source, dnvgl.com]

With this partnership and stake in VEN, DNV GL aims at collaborating with the blockchain project on ways the company can expand its blockchain privilages through the VeChain Thor platform after becoming an Authority Masternode Owner. This will enable DNV GL to have the sole authority to validate and produce blocks. DNV GL will consequently offer more solutions to businesses on the public blockchain.

VeChain and DNV GL worked together to develop its My Story digital assurance solution that tracks each stage of a product’s manufacturing cycle and gives purchasers greater insight into the characteristics and sustainability footprint at each stage of the production of a particular item and guaranteeing the information is genuine.

The CEO of DNV GL, Luca Crisciotti, had this to say about the announcement:

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.

DNV GL is a  global quality assurance and risk management company that is driven by a purpose to safeguard life, property and the environment, all in a bid to enable their customers to advance the safety and sustainability of their businesses. The firm operates in over 100 countries and has clients in the industries of oil and gas, maritime, power and renewables and other top notch industries geared towards a safer, smarter and greener future.

This buy-in by DNV GL, indicates a growing trend by ‘big firms’ showing more interest in blockchain technology, partnerships with major crypto projects, as well as cryptocurrency investing.

Current market analysis puts VEN at a value of $4.93 and up less than a percentage point in the last 24 hours.

Great things beckon for VEN in the future.

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Global Consultant DNV Invests in Blockchain Startup VeChain

Blockchain startup VeChain announced Tuesday that it is expanding its working relationship with global registrar DNV GL after the latter invested in the startup.

While the firms did not reveal the details of the deal, VeChain CEO Sunny Lu told CoinDesk that the companies would continue their partnership, which uses VeChain’s network to securely store supply chain management information. The move marks one of the first enterprise investments in this network, he said.

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 particular, using VeChain’s network to become more efficient, he said.

Additionally, the two the 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.”

The marks DNV’s latest move in the blockchain space. Crisciotti told CoinDesk of one example in which the registrar issued certificates on its private blockchain just one year ago.

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, concluding: “We needed a quick blockchain. With VeChain, we can do that.”

Shipping image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Audit Giant DNV GL Partners With Blockchain Startup to Track Assets

Risk management giant DNV GL is partnering with blockchain startup VeChain to launch a more efficient and transparent record of asset ownership.

The two companies announced they would be teaming up on Wednesday to develop a blockchain platform to track food and beverages, as well as fashion and retail. The ultimate hope to apply the solution to the aerospace industry, according to a press release.

DNV GL is known for advising companies on ways to boost efficiency. In this case, the company announced it would develop an immutable record for its clients to track their assets.

The firm’s chief executive, Luca Crisciotti, said partnering with VeChain will help his company’s digital programs become more adaptable for client needs, particularly with data collection. VeChain launched its own token, VEN, in 2016.

“Our Digital Assurance Concept will provide both 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,” Crisciotti said in a statement.

Truck image via Shutterstoc

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Sea Change? Deloitte Is Tracking Ships' Certificates with Blockchain

Deloitte is taking non-financial applications of blockchain technology into uncharted waters.

To record the inspection certificates for ships, oil rigs and the like on a private, shared ledger, the consulting firm’s blockchain lab for Europe, the Middle East and Africa recently partnered with DNV GL, one of the world’s largest classification societies.

Such companies certify that vessels and offshore structures meet acceptable standards for safety and environmental impact. But, the certificates they issue can be forged, potentially undermining trust in the system. Further, checking that a certificate is real is a slow, cumbersome process.

Deloitte and Norway-based DNV GL see blockchain technology as the answer to both problems.

Their solution creates a digital ID of each certificate that is stored and accessed on a private blockchain. The decentralized approach is seen as a way to discourage fraud or otherwise tampering with the documents.

Lory Kehoe, Deloitte’s EMEA blockchain lead, explained:

“Instead of one record being held on one server, it’s held over many, many systems.”

Digital transformation

The existing system for issuing certifications had been in need of digital transformation, said Kehoe. “Some parts were manual, some parts weren’t exactly digital.”

One problem with the legacy system is that users need to go to a company’s website or send an email to check a certificate’s authenticity. This can now be done instantly with a blockchain, explained Renato Grottola, director of global digital transformation for DNV GL, which formed from a merger between DNV and Germany’s GL in 2013.

He told CoinDesk:

“Anyone can, by scanning the QR code on the certificate, check its validity and data. With the one-to-one connection between the certificate and the blockchain, verification is instant and easily done with a mobile device.”

“As the original data is stored and updated in the blockchain, it will quickly reveal whether a certificate is authentic or not,” he said.

The solution was officially deployed September 23, with 90,000 certificates currently on the private blockchain.

“It is quite early after the deployment, but feedback received so far has been positive,” said Grottola.

Protecting reputations

DNV GL’s business is based on trust and authenticity with industries trusting its certificates to be what they say they are – but that is an increasingly difficult balance to maintain.

“You can spend a lifetime building a reputation and it takes seconds for it to fall apart,” explained Kehoe:

“All it takes is one or two scenarios where DNV GL have put their name to something and another company in another part of the world replicates that and DNV GL’s name gets tarnished.”

It can take another lifetime trying to disprove those falsehoods and rebuild a reputation. Kehoe said he believes that Deloitte’s blockchain deployment will prevent that.

“In the world of certification, other companies presume we’re looking at this,” said Kehoe. “If I was in the business insurance industry myself beyond DNV GL, I would have been looking strongly at blockchain.”

The International Association of Classification Societies (IACS) is an organization whose members include DNV GL. A spokesperson told CoinDesk that it is currently neutral on blockchain, saying: “IACS does not have a position on blockchain technology and has not discussed this matter to date.”

However, IACS recently appointed DNV GL’s CEO, Knut Ørbeck-Nilssen, as its new chairman and upon his appointment, he spoke of the need to prioritize digitization.

London-based Lloyd’s Register, a competitor of DNV GL, on the other hand, said it is “is actively working at real-world applications of blockchain and distributed ledger technologies with our clients and partners.”

A spokesperson for Lloyd’s Register added:

“We believe blockchain and distribute ledger technology has wider applicability in industrial applications, especially around increasing transparency in supply chains and around safety and reducing risk.”

Grottola said DNV GL was aware that some its competitors are looking at blockchain initiatives and it was “keenly observing” new entrants in the market.

Growing trend

DNV GL’s blockchain solution is part of a growing trend of non-financial services firms turning to the technology.

Deloitte’s Kehoe said he has seen a notable increase in the number of such queries over the last nine to 12 months, and that clients are now coming to Deloitte with a greater understanding of blockchain technology.

“The work we’re doing now is kind of skipping the [proof of concept] phase because our clients understand the technology,” he said. “They’re coming to us with use cases with a clear problem to solve.”

He explained:

“We’re not talking about experiments anymore in dark rooms where people are playing with this technology. It’s now all about how do we integrate the technology in a meaningful way so that it solves the problem – it creates an opportunity, helping companies stay relevant, I think that’s a very important point too.”

Sailing boat image via Shutterstock.

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