DNV GL’s strategic investment and partnership with VeChain has given the blockchain startup unfathomable credibility – a point touched on by Deloitte Global Blockchain CEO Antonio Senatore when discussing their motivation for migrating to the VeChain platform. DNV GL has been very vocal on their achievements throughout Europe, in setting up My Story, joining INATBA, and other events that allow them to work with organizations around the world on goals such as digital transformation and global sustainability.

However, the DNV GL Greater China region has also had a pretty impressive spring, and one that has gone mostly under the radar. While many things they’ve accomplished are unrelated to VeChain or blockchain, there’s no denying that the next generation of technologies will be based on interoperability, and expandable, multi-industry ecosystems. Here’s a quick rundown of projects what they’ve accomplished:

March 3rd: Established the DNV GL AI Research Center in Shanghai

The links between AI and blockchain are strong – so having a dedicated research center should have lots of benefits for these emerging technologies. With having VeChain CEO Sunny Lu speaking at the event, it’s hard to ignore VeChain’s involvement in this project.

It’s no secret that China is keen to become a leader in emerging technologies, and AI will bolster DNV GL’s influence across multiple industries. Automated technologies, computerized visual recognition, and developing algorithms will be key in the next wave of digital innovation.

“Establishing a dedicated AI research centre in Shanghai enables us to engage with and benefit from leading edge AI technology developments. We also look to close cooperation with leading Chinese companies willing to implement advanced services based on AI.”

Dr. Pierre C Sames, Group Technology and Research Director at DNV GL.

March 29th – Shanghai HongQiao Airport ThinkSafer Safety Forum

As an important regional hub in the area, the Hongqiao airport is the 45th busiest airport in the world. By hosting the forum, DNV GL was able to discuss a number of important topics with participants from over 130 different organizations. While not directly related to VeChain, blockchain will play an important role in systemizing and automating many safety protocols, especially in high-risk fields such as aviation.

March 5th – Partnership with Ele.me

DNV GL’s partnership with one of the top food delivery companies in China includes a plan for digital food safety management. While VeChain wasn’t specifically mentioned in the press release, this is a perfect use case for blockchain and VeChain, and a partnership worth monitoring in the future.

January 25th – JD.com Corporate Ecosystem Certification

The third largest online company in the world by revenue, JD.com amassed $67.2 billion dollars in 2018. DNV GL awarded its corporate ecosystem an ISO-27001 certification for Information Systems Security Management.

The certification covers a number of business segments including Jingdong Mall, Jingdong Logistics, Big Data Platform, Intelligent Supply Chain, AI Platform and Research Department. At this point, Jingdong Group’s entire business ecosystem has met ISO 27001 certification standards.

While JD.com are developing their own private blockchain service, having this level of client speaks volumes to the credibility of DNV GL within the various Chinese industries.

March 14th – Tencent TAPD ISO 27001 Certification

Few companies are more influential than Tencent (WeChat, QQ) in China, and their Tactile Agile Product Development (TAPD) system for developing on an agile cloud service platform was the recipient of the ISO-27001 for Information Systems Security Management. Like JD.com, having this level of client inspires a lot of confidence in DNV GL’s Greater China department.

Other Important Certifications:

• Yantai Donghai Aluminum Company – Passed ASI on-site audit, first ASI-compliant company in China
• China Sports Lottery – The world’s second largest lottery received the World Lottery Association Security Control Standard (WLA-SCS) including ISO 9001, ISO 14001, ISO 45001, ISO 27001
• MeiCloud – A top Chinese cloud provider and SaaS received ISO 27001 for Information Security Management
• Fujian Rural Credit Union – This institution, with more than 1,800 locations throughout the Fujian province, received ISO 27001 for Information Security Management.
• PingAn Trust Co – Part of the largest insurance company in the country, China PingAn, received ISO-IEC 27001:2013.
• PingAn Cloud – Another subsidiary of China PingAn Insurance received ISO -27017
• Hangzhou YingShi Software Company – Received ISO 27001 and CSA (Cloud Security Alliance) STAR certification
• Jingdong Digital Tech (JD.com) – One of the largest e-commerce sites in China awarded ISO 20000 & ISO 22301 certification
• Qingdao Subway – This transportation bureau received multiple certifications including ISO 9001, ISO 14001, and OHSAS 18001.

This collection represents some of the completed projects that DNV GL Business Assurance for Greater China was recently working on. With such an impressive list of clients, the company, led by CEO George Kang (VeChain Steering Committee member), amassed a great deal of experience and client connections while developing their own services that integrate VeChain’s enterprise-grade solutions. Within China’s competitive industries, strong client and personal relations are an indication of the strength of a project. Having DNV GL leading through innovation, credibility, and professionalism gives VeChain a strategic advantage that is unique within the public blockchain space.

Multiple sources were used in this article, with many being featured here.

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Background

Since their creation, one of the biggest weaknesses with digital assets has been the centralized exchanges people are forced to trade them on. According to a recent Bitwise report to the SEC, 95% of trading volume is faked on exchanges, damaging the credibility and harming the supposedly trustless environment that Bitcoin was created to make.

While greed and manipulation will be hard to eradicate, Coinmarketcap, OceanEx, and a number of other key exchanges are stepping up to try and bring more legitimacy to the industry. OceanEx CEO Nan Xiaoning has always viewed digital asset exchanges as a dynamic industry that can achieve more by working together, and this alliance confirms his commitment to that.

The alliance, known as DATA (Data Accountability & Transparency Alliance, includes a number of other high-volume exchanges such as Binance, Bittrex, and Bitfinex. Most of China’s top exchanges are there as well, including Huobi, KuCoin, Gate.io, OKEx, and of course OceanEx. These exchanges are committed to providing Coinmarketcap with comprehensive trading data, to help verify trade volumes, increase transparency, and create industry standards that new and existing exchanges will be encouraged to uphold.

Going In-depth with OceanEx COO Wei Wang:

When discussing their motivation to join the Alliance, Wei Wang was quick to re-affirm OceanEx’s commitment to the long-term development of the cryptocurrency industry. He was adamant that “fake volume is burning the credibility of the crypto industry, contributing to its stagnation and backwardness.” He believes that the inflated volume misleads users and biases their judgment. New exchanges are particularly susceptible, as projects and new users are generally skeptical about volume and reporting practices.

He also noted that the deteriorating environment was noticeably damaging to their business model and the industry as a whole. For this reason, they chose not to wait, and approached CMC early this year to discuss the idea of setting up an alliance. In this manner, they could improve transparency across the whole industry and encourage the projects that are advancing community development and being accountable to users.

After that initial contact, they worked together via a series of discussions, leading up to OceanEx’s formal invitation as a DATA launch partner. Interestingly, OceanEx is the only Initial Launch Partner of DATA with a history of less than one year.

Being a member of DATA will benefit the ecosystem in a number of ways. Firstly, Wang believes being backed by CoinMarketCap, one of the most influential players in the market, will help bring more attention to OceanEx. OceanEx’s engagement in the alliance as well as their active role in the VeChain Ecosystem should help promote the exchange in a positive light. Transparency and accountability are core philosophies that are shared with VeChain, and are important for building trust with the user-base.

The Alliance should also help attract more quality projects who share similar values. By listing projects like this on the exchange, they can provide sound investment opportunities to the ecosystem.

What requirements does DATA have for OceanEx?

Wei Wang summarized the requirements listed on the CoinMarketCap webpage, and discussed how they were divided into 3 phases.

Phase 1:

• Live order book data provided via API.

These data points will enable analysis to determine liquidity, order book depth, spreads, and other meaningful measures. With these additional data points, users will be better able to contextualize the pricing and volume being reported on the site and API.

Phase 2:

For phase 2, CMC are planning to grow the types of data available for analysis, and enable filtering to allow deeper perspectives into the exchanges’ operations.

• Exchange hot/cold wallet addresses: Proof of Solvency/Reserves/Liabilities, or at least indicative numbers to enable users to determine solvency of selected exchange.
• Live market-pair trading status: More granular trading data at the market-pair level for further analysis.
• Live wallet status: Summary status of all possible deposits and withdrawals across currencies.
• Historical trade data: All time-stamped historical trades for tracking, and in some cases, compliance.

Phase 3:

For phase 3, CMC is encouraging self-reporting channels for both exchanges and cryptocurrency projects. This voluntary reporting is optional, but participants that self-report will benefit from greater exposure. By incentivizing transparency, they believe that the industry as a whole will benefit.

What other measures is OceanEx taking to provide users with more transparency?

Before Wei Wang concluded, he noted that transparency is something they intend to keep improving on. In addition to a monthly community update they have been providing since March, they also plan to begin working on periodic financial reports. By releasing key financial information, OceanEx can better connect and build trust with both users and investors. Finally, he noted that they also want to hear community feedback regarding this and other topics, so that they can continue to improve the platform.

Special thanks to OceanEx COO Wei Wang for his contributions to this article.

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