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Understanding DNV GL and Vechain’s Carbon Bank and Bright Code

Understanding DNV GL and Vechain’s Carbon Bank and Bright Code

On Wednesday, DNV GL announced the establishment of two separate ecosystems, the Carbon Bank and Bright Code. There was a lot of confusion and misinformation going around, so I thought I’d take a stab at clarifying some of these details.

Bright Code is a supply-chain data management collaboration between DNV GL, Bright Foods, and Vechain. Bright Food is a state-owned multinational company that ranks as the second-largest food manufacturer in China. With Bright Code, they introduced a number of features, including a third-party consumer confidence index that uses international service firms to measure the reputation of companies involved in the transportation and storage of goods. This encourages companies to join Bright Code and avoid taking part in potentially reputation-damaging activities such as smuggling or the trading of counterfeit goods. Bright Code’s blockchain also provides businesses with immutable data throughout the course of the supply chain, giving them resources to assess and optimize the entire value chain.

Bright Foods showcases a bottle of milk verified by Bright Code

For consumers, Bright Code represents a huge step towards higher food safety standards. The data collected by suppliers can also be used to verify the authenticity of products, as well as the location and time of origin. Additional supply chain data can monitor exposure to extreme temperature or movements that could potentially damage the product.

After purchasing a product, consumers will be able to scan products and authorize companies to access personal feedback in exchange for ecosystem rewards, that can then be used towards future products or services. Companies will be able to collect this consumer data, enabling them to better understand their market share and client base. By creating an open-source supply chain data marketplace, users will have more control of their data, while providing ...

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