On an event held in Italy, DNV GL officially launched its My Story service. My Story is a blockchain powered digital assurance solution, that allows consumers to learn more about the product’s story.
Three Italian #wine makers are the first to use #blockchain-powered My Story™. By scanning a #QR code on their bottles, consumers can now access the product’s true story from grapes to the bottle. https://t.co/AJQDMqqUAd @vechainofficial pic.twitter.com/V1NmCPJlKG
— DNV GL (@DNVGL) January 10, 2019
About My Story
My Story is a solution build by DNV GL in cooperation with VeChain that gives brands the opportunity to share with consumers the authentic product story.
Verifiable facts about the product, registered throughout the product’s history will be stored on VeChain’s immutable blockchain, for consumers to check before and after purchase.
Some of the product data that can be registered are:
- Product quality
- Worker rights
- Animal Welfare
- Ecological footprint
All product data and activities are audited by DNV GL to make sure they are genuine before they are added to VeChain’s blockchain. My Story allows companies to turn the actions they do behind the scenes, into information they can proudly share with their customers.
Renato Grottola from DNV GL explains this further: “Traditionally, product characteristics, such as origin, quality, sustainability and so on, have been used to deliver products in a risk-averse, risk management perspective rather than a brand-building perspective.”
This, however, does no longer work in today’s world, where consumer demands are changing.
Renato continues: “The general tendency is a significant shift in consumer behavior toward brands. We see this in the market and recent market research: consumers are shifting their loyalty and trust from brands to products. In DNV GL, we thought we could do something to help our customers tackle this challenge. When talking about the characteristics of the product – quality, sustainability, origin, provenance, food safety, ethical, carbon and water footprint, for example – we are already recognized as experts in the market, from an industry and assurance knowledge perspective. We know what is important for consumers.
The answer we came up with is My Story™, which is a digital assurance solution that leverages on a blockchain-based ecosystem.”
Wine is just the start
Three Italian winemakers are the first to implement the My Story service into their product. Renato Grottola: “Why wine? We could have started from industrial products, but we felt like wine, especially the Italian wine, always tells a story. It seemed like a perfect fit, given the goals we intend to achieve with our technology“.
Today in Rome we launch #MyStory™ feat. leading Italian wineries @Ricci_Curbastro, #RuffinoWines @Torrevento! Scan the QR code to discover the history of each wine, from grape to bottle #blockchain #digitaltrust @vechainofficial @lucacrisciotti @rgrottola https://t.co/98dzTZqhDq pic.twitter.com/K1cEOd0XoO
— DNV GL (@DNVGL) January 10, 2019
Riccardo Ricci Curbastro added to this: “The Italian wine is already a top tier product with high-quality standards that are often not perceived. With My Story will be able to turn the cost of certification into an opportunity to increase the value of our product“.
DNV GL has already announced that My Story is currently being deployed in projects with companies in various geographies and industries. So next to the wine sector, we should expect to see new use cases launched in the future. According to DNV GL, one of these new use cases will be guaranteeing the authenticity of clothes.