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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Note: This guide is written by a guest contributer, and originally published on Medium. It was republished with the permission of the author, Wilson Cheah.

Introduction

For decades, all types of businesses from small businesses to massive private and state owned enterprises have been plagued with various supply chain issues, such as poor traceability, as well as the need for more transparent business practices. Ineffective supply chain risk management as well as a lack of end-to-end visibility are both cited by a 2018 Deloitte study entitled ‘Continuous interconnected supply chain’. Authenticity and anti-counterfeiting is also a concern in many industries, with widespread counterfeiting happening throughout the market.

Today’s consumers are more educated about their purchases and demand greater transparency, sustainability, ethical and business practices. The reality is that even with modern traceability technologies laid out and deployed, businesses still fail to properly track and trace their supply chain. Communicating these efforts to customers also proves to be a challenge.

This article will highlight solutions to these problems, which can help to revolutionize your business, supply chain, and product marketing strategy. 

Blockchain+IoT as a solution

Deloitte 2018, Continuous interconnected supply chain

Blockchain has been often cited as the perfect solution to many of these complex supply chain problems. Blockchain’s immutable and transparent distributed ledger coupled with modern IoT sensors could ensure that all supply chain information is tracked in real-time. Practical case studies (which will be highlighted later on in this article) have shown that this data could be then displayed in a transparent manner through QR codes or NFC tags that can be scanned by retail customers.

The problem? Hiring blockchain consultants and developers while ordering physical IoT kits and sensors can cost a lot of money. This is money that most start-ups or SMEs can’t afford. The various enterprise blockchains out there, such as IBM’s Hyperledger, are either too costly or hard to approach, making them only accessible to larger enterprises.

ToolChain: A cost effective, zero-knowledge required blockchain solution for products and supply chains

ToolChain is a revolutionary, turnkey solution powered by the world’s leading enterprise-grade public blockchain, VeChain. ToolChain allows any business or individual to utilize the blockchain and IoT solutions used by VeChain without any technical knowledge.

The ToolChain toolkit, with a complete package of industry-leading IoT sensors, devices, hardware portal and software access to the VeChainThor Blockchain

ToolChain provides a complete suite of industry-leading IoT sensors and devices, including NFC tags, RFID tags, a QR code printer, as well as humidity, acceleration, and temperature sensors. ToolChain users will be able to attach these sensors and write information such as supply chain and logistical data onto the VeChainThor Blockchain. This can be done using the supplied software and web portal assigned to each unique individual or business.

To learn more about the unveiling of ToolChain and its full feature set, please read the following summary article at https://medium.com/@bsc44/vechain-summit-2019-keynote-summary-4cebc5a98f29#6983

Example use cases and practical case studies

Scenario A: Artisan handicraft maker

If you are an artisan handicraft maker looking for a way to ensure that your products are unique and authentic, you are now able to attach or embed an NFC tag to your product or product label and upload the relevant product information into the Blockchain.

At the same time, product traceability data, logistical flow data, certificates, manufacturing processes, as well as photos and videos can also be uploaded.

When your product gets shipped, all the customer needs to do is use the VeChain Pro app and scan the NFC tag to reveal every detail and story that you always wanted to tell.

Arket (an H&M subsidiary) utilizing VeChain’s ToolChain powered kit to provide traceability and authenticity information for its customers. Photo credit: VeChain Foundation

Scenario B: Supermarket Sushi

Current example marketing efforts to communicate with consumers, credit: Design Ginseisha.jp

Imagine that you are a Sushi distributor thinking of ways to communicate that the salmon or tuna you use is of a certain origin (such as Japan or Norway). 

Your current strategy might be:
1) Print physical posters, banners, and leaflets with fancy designs explaining your ingredients, certificates and processes
2) Hire part-time promoters and rent stall space 
3) Hand out these physical marketing pieces to customers, hoping that they will not throw it away as soon as they leave the supermarket.

The weaknesses of the current strategy is simply a waste of costs, including cash paid to the print shop, wages paid to the designer and promoter, as well as for physical resources like paper and ink. Such strategies are not only costly, but also ineffective compared to the new age digital marketing with ToolChain.

Sushi with a smart QR code linked to the VeChainThor Blockchain, printed using the ToolChain. Image credit: towelkeeper

With ToolChain, a smart QR code can be directly printed on the packaging, which shows the entire supply chain and packing process, including:

• cold chain logistics data
• humidity data
• temperature levels maintained throughout the journey of the product to stores

Also, not only the stories and pictures that are used on physical leaflets are shown, but also videos can be used  —  further enhancing your branding and marketing while simultaneously keeping costs down.

Current enterprise and industry case studies

Case 1: SBTG + ToolChain + HBO Asia + Game of Thrones

Mr. Sabotage (SBTG), showcasing his usage of ToolChain for his custom sneakers during the VeChain Summit 2019

SBTG is an influential Singapore-based custom sneaker artist, selling customized shoes while collaborating with multiple sneaker brands including Adidas, Nike, and more.

Brands that are selling luxury or limited goods often suffer from counterfeits, which SBTG often encounters. Artists like SBTG also struggle with communicating their vision and goals with customers, and the storytelling of such products often ends after the sale of the goods.

SBTG’s official Game of Thrones sneakers powered by ToolChain, commissioned by HBO Asia. Photo credit: SBTG Instagram

With ToolChain, SBTG has successfully integrated advanced IoT and blockchain solutions into his products, resolving his authenticity and marketing issues. The official Game of Thrones sneakers commissioned by HBO Asia are completely powered by the ToolChain kit.

SBTG limted edition sneakers are embedded with ToolChain-VeChain NFC chips that can be scanned by customers

Case 2: Fuji Marumo Tea

Note: Parts of this case study are extracted from the VeChain Foundation Medium

Fuji MARUMO Tea Garden is a Japanese tea company with a rich heritage of history, boasting a business lineage of almost 100 years. Fuji MARUMO’s tea are harvested in one of the most famous origins of Japanese tea, located in Shizuoka, Japan. Shizuoka has been recorded as a staple of tea harvesting as early as the year 1241.

VeChain NFC tags (printed using ToolChain) are embedded in the product packaging. Photo credit: VeChain Foundation

For this solution, VeChain assigns every product a unique ID ensuring the exclusiveness of the line. Through the NFC chip, customers can verify that the origin of their tea is from Fuji MARUMO Tea Garden, the unique environment for cultivating tea in Japan. Furthermore, when scanning the chips, the consumer can retrieve further information about the product, such as the history of the tea garden in a video and a verification certificate issued and stored on the VeChainThor Blockchain.

Case 3: Haier IoC-COSMOplat platform

On April 1st, 2019, Haier, DNV GL and VeChain signed a tripartite strategic partnership to utilize the VeChainThor Blockchain for its COSMOplat platform. COSMOPlat is the ecological backbone of Haier, operating as an open industrial internet platform with independent intellectual property rights. This makes it the first ever platform in-which third parties can participate in the entire industrial process.

Haier has committed to using the VeChainThor Blockchain for its COSMOplat platform, tracking Haier products in the ecosystem. Photo credit: VeChain Foundation

For the purpose of this case study, a simplified overview of Haier’s efforts involve placing Haier products on the Blockchain, tracing its entire product lifecycle history as well as product information.

A user scanning Haier’s ecosystem product to obtain the product’s lifecycle and general information. Photo credit: VeChain Foundation

Case 4 : Swell-INNERSECT fashion initiative by Edison Chen

Another example of ToolChain’s flexible and powerful features was showcased during Swell’s INNERSECT event in 2018.

Swell is a fashion brand intiative partnered with INNERSECT, a fashion event hosted by famous celebrity Edison Chen. The event showcased the latest in fashion trends, and Swell X INNERSECT opted to showcase their usage of the ToolChain toolkit.

Using the dedicated Swell app from the Google Play Store and iOS App Store, users can directly scan the NFC chip embedded in various fashion products such as hoodies, beanies, Nike shoes, and more. Users can then register their products on their Swell profile and tie the authentic fashion goods on the blockchain to their own user profile.

ToolChain is powerful for brands as it is white-label friendly. 

White labelling refers to the process of rebranding a turnkey solution with a businesses’ own branding, design, and logo. Swell rebranded the entire ToolChain kit with their own brand language and released their own ToolChain-powered App.

ToolChain Admin Center

The ToolChain Admin Center allows you to register your products, add descriptions, pictures, videos and other data that you wish for your customers to see. The portal allows you to have as many instances on the blockchain as you like. To prove the origin of your products, your manufacturers, distributors, suppliers, and teams can use the VeChain Work App to contribute to the story of your product. When the customer sees the final product, they can use the VeChain Pro app (or similar QR/NFC reader) to view the entire story of your product, including proof of authenticity and origin, all in a consumer friendly interface.

Conclusion

Through the various use case examples and real case studies above, it is evident that issues with supply chain traceability, authenticity, and marketing can be resolved by VeChain’s ToolChain.

The call for more transparency by customers has been both a boon and bane for companies worldwide. With VeChain’s solutions, there is finally a user-friendly, transparent, secure and immutable way of transforming a company’s supply chain and marketing strategy. Already, enterprises like BMW, Deloitte, PwC, H&M, Givenchy, Haier, and many others are signed up and using these solutions.

ToolChain is an unprecedented toolkit that brings the commercial VeChain IoT and Blockchain solutions used by famous companies and global enterprises to everyone, without any technical knowledge or consultants.

VeChain GM for Europe, Jerome Grilleres showcasing ToolChain, a complete turn-key solution for businesses and individuals. Photo credit: VeChain Foundation

For general, commercial, and business enquiries regarding the ToolChain toolkit, please email [email protected]. Visit the VeChainWorld website and VeChainWorld forum to learn more about VeChain and ToolChain.

Credits and Acknowledgements

Article written by Wilson Cheah
Telegram: fatalexe
Twitter: twitter.com/FatalFatalexe
If you enjoyed reading this article, please consider sharing this to your circles.
William’s VeChain tip account (VIP180 tokens): 0x2C50c7AbA38b0C7ca4B5965f2ec9457Bcd319E18

William is a guest contributor to VeChain101.com.

References used:

https://medium.com/@bsc44/vechain-summit-2019-keynote-summary-4cebc5a98f29
https://medium.com/@vechainofficial/featuring-sbtg-vechain-meets-streetwear-6c7685c92487
https://medium.com/@bsc44/vechain-introduces-toolchain-567835dc042d
https://kwontik.com/review_vechain
https://medium.com/@vechainofficial/vechain-dnv-gl-and-haier-ioc-enter-into-tripartite-strategic-partnership-ed1abc7e98b4
https://medium.com/@vechainofficial/vechain-enables-customers-to-verify-the-proof-of-origin-in-japanese-tea-products-80b95f34ab5a
https://www2.deloitte.com/us/en/pages/operations/articles/blockchain-supply-chain-innovation.html

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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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