The risk management and quality assurance company DNV GL has today released that they have bought a stake in the Vechain Foundation. Next to this DNV GL has confirmed that they will also be running one of the 101 Authority Masternodes.

The acquisition was announced by Luca Crisciotti of DNV GL and Sunny Lu during a coindesk live at consensus 2018. You can rewatch the announcement here:

DNV GL an expert in technical assessment, certification and risk management

As a global quality assurance and audit company, DNV GL is specialized in assessments and certification, to reduce risk, and make sure products meet certain quality standards.

Currently, the company has operations in over 100 countries and has around 12,500 employees. Most of DNV GL’s customers are in the oil, renewable energy, maritime and gas industries. Ultimately, the aim for DNV GL is to make the world safer and greener.

With its partnership with Vechain, DNV GL will leverage Vechain’s Blockchain network combined with embed sensors as well as other IoT technologies to enable data collection off products from factory to buyers, for a unique insight into the history of the product.

Acquisition of a minority stake

DNV GL has been a valuable partner to Vechain for a while now, together with the Business Assurance division they have developed various dApps that are currently being used by DNV GL’s customers.

DNV GL’s business assurance division has issued management system certificates to more than 70,000 companies across all industry sectors and is an accredited certifier in 80 countries.

Luca Crisciotti, CEO of DNV GL – Business Assurance, says: “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.”

Remi Eriksen, the President of DNV GL stated: “DNV GL has been in the business of building trust for more than 150 years and blockchain is the latest way we are using technology to further strengthen this position. This investment in Vechain is part of our multi-tiered approach of using digital solutions to improve quality, efficiency, and transparency in our targeted markets.”