Hydro will use a DNV GL product based on VeChain to offer reliable data to its customers.
The first phase will involve a collaboration with Vestre, while the platform will be rolled out to all customers sometime in 2021.
Hydro and DNV GL have announced a partnership to leverage the VeChain based solution “Tag. Trace. Trust”. This service, developed by DNV GL, will be implemented by Hydro to enable its customers to verify the validity, reliability, and authenticity of product data with an “environmental profile”.
Hydro is one of the largest aluminum companies worldwide. Headquartered in Oslo, the Norwegian company is operating in more than 50 countries. The Norwegian state controls 34.3% of the company, together with the Norwegian pension fund with a 6.5% stake. Hydro’s yearly revenues are estimated to be around $12.6 billion.
VeChain contributes to a sustainable business model
Initially, the VeChainThor blockchain-based product will be integrated into a pilot on the Hydro CIRCAL and Hydro REDUXA platforms. That way, furniture manufacturer Vestre will be able to test the solution and provide its customers with reliable information about the environmental impact of its entire product supply chain. Bjørn Kjetil Mauritzen, Head of Sustainability for Hydro had this to say about the cooperation:
The aim of the pilot is to test a platform that supports manufacturers and brands to back their sustainability claims with verified data. This will allow them to trace the metal from the factory gates until it reaches the customer.
The integration with “Tag. Trace. Trust” arises from an increase in demand for eco-friendly products, operations, and standards oriented towards sustainability. As such, the partners believe it has become crucial to allow consumers to have access to “quality” data that allows them to verify on their own where and how a product has been produced.
In that way, consumers can make informed purchasing decisions and determine which products follow a sustainable model. Business Development and Sustainability Manager for DNV GL, Lin Jacobsen Hammer, added:
In this way, the aluminium product passport, with its unique digital ID, attached to the product displays key sustainability facts, such as low-carbon aluminium and post-consumer scrap content.
After the pilot with Vestre, the partners will review the results and experience they have had to find a method to standardize the model. Hydro thus expects to roll out the platform to all its customers at some point in 2021. Jørgen Hansson, Project Manager at Hydro said:
Ultimately, this pilot is made possible through the work we have invested in our greener brands in recent years. As a result, we can now explore how new technology can provide the market and the conscious consumer with key data – presented in a way they understand and trust – as a part of our agenda of driving sustainability.
As reported by CNF, “Tag. Trace. Trust” was announced on February 20th this year with the aim of attaching a “digital identity” to products and enabling easy and efficient authentication.
Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.
