The first blockchain solution has been delivered to the certification industry to fight against fake certificates in the sector, Deloitte has said.
Two of VeChain’s partners, DNV GL and Deloitte, have joined forces together to deliver the first set of blockchain-based certificates. At the moment, 90,000 certificates have been moved to a private blockchain.
According to a report published by Deloitte, one of the world’s Big Four” accounting organizations, the innovation allows for transparent communication between companies on certifications.
Certifications issued through this means ensures that certificates are stored on blockchain, digitally tagged, traceable, and immutable. This was achieved by the joint work of DNV GL and Deloitte EMEA Blockchain Lab.
The CEO of DNV GL, Luca Crisciotti, said the company has been working on building trust for about 150 years.
“In the age of digital transformation, there is an increased need for transparency in a volatile business environment,” says Crisciotti.
With the use of blockchain, certificates are given more credibility and traceability. Each issued certificate is attached a unique digital identity after it has been digitized and sent to blockchain.
Certificates are uniquely issued and the original is stored on Blockchain in a network of computers instead of a central repository. For confirmation purpose especially against fraud, each certificate is attached a unique QR code which is scanned and verified by anyone through blockchain.
Martin Bryn, Partner at Deloitte, and Lory Kehoe, EMEA Blockchain Lab Lead at Deloitte also commented on the development.
Bryn said the innovation, which is one of the maiden applications of blockchain outside the finance industry, shows the potency of the technology.
“In not too long there will be concepts, prototypes and investments emerging in every major industry,” Martin Bryn said.
Similarly, Kehoe greeted the achievement with delight, saying EMEA blockchain lab is elated to be part of the ground-breaking project.
“This is an excellent example of blockchain technology entering the production life-cycle stage of the technology with DNV GL and Deloitte at the forefront of this digital transformation journey”, Lory Kehoe, said.
VeChain, DNV GL and Deloitte Speak at Shanghai International Blockchain Week
VeChain, alongside its two partners, attended the Shanghai International Blockchain Week 2019 as a keynote speaker.
As an enterprise-friendly public blockchain technology, VeChain, via its representative Sunny Lu, spoke about how blockchain helps enhance business value. Sunny said for blockchain to get mainstream adoption, it has to offer a compliant, fair and cooperative environment.
VeChain’s Strategic partner Deloitte said blockchain is a comprehensive ecosystem that goes beyond just being a decentralized governance technology.
Deloitte CTO, Antonio Senatore, said public blockchain allows connection of products enterprises and people in a digital way.