VeChain Partners With World’s Largest Home Appliances Manufacturer Earning $40 Billion in Annual Revenue
Singapore-based blockchain platform VeChain has partnered with Chinese consumer electronics giant Haier and risk management company DNV GL to improve transparency in the supply chain.
Haier, the world’s largest home appliances manufacturer, owns some of the industry’s biggest brands including Casarte, GE Appliances, Fisher & Paykel, AQUA, and Candy. Last month, it launched its “Internet of Clothing” (IoC), a networked laundry solution connecting the smart washing machine, laundry rack and folding machine.
In collaboration with Haier IoC, VeChain’s traceability application, My Story, will be used to verify products, prevent fraud, track carbon footprints and more.
By scanning the QR code attached to codes, consumers can receive information on products.
My Story data stream
- Raw materials
- Manufacturing process
According to VeChain,
“My Story is an off-the-shelf blockchain based digital assurance solution…combining deep industry expertise of prominent industry leaders, and DNV GL, with independent physical audits, data collection, and verification services.”
DNV GL will assist in verifying data stored on the blockchain, including business models, process controls and technical interfaces. It will also be in charge of verifying and distributing carbon credits.
Mr. Luca Crisciotti, CEO of DNV GL business assurance says,
“This strategic cooperation empowers the clothing lifecycle management system through public blockchain technology, enhancing consumers’ trust which is becoming essential for a business to succeed.”
Haier, which generates an estimated $40 billion in annual revenue, is attempting to promote a more carbon-efficient lifestyle. Its IoC initiative is designed to make household products such as washing machines more environmentally friendly. The ecosystem is vast, connecting shoppers, retailers and appliances. According to Haier,
“[The platform] now works with more than 4,800 apparel resources to integrate washing machines, smart wardrobes, dressing mirrors, ironing machines and more to offer customers a smart solution covering washing, fabric care, storage, matching and shopping.”
In 2018, DNV GL bought a stake in VeChain as part of its plans to raise trust and transparency through digital solutions.