VeChain’s My Story Platform Enables Content Verification for Digital Product Passports in Billion Dollar Market

Recently, DNV, a company that focuses on supply chain and food s, displayed its MyStory digital passport at the London Wine Fair 2023. It was reported that it would leverage the Wine Traceability Platform of VeChain (VET) to address carbon footprints, transparency, and sustainability concerns in the wine industry.

“DNV led the project to create digital product passports. Through the My Story platform, DNV’s team and Crai’s teams defined the content and verified storytelling to be presented to the consumer and recorded in the blockchain.” #RunsOnVeChain ⛓️#VeChain $VET #Blockchain #Tech pic.twitter.com/FNYCI5eQgH

— eisenreich (@eisenreich) July 17, 2023

The MyStory digital product passport which enables brands to share the true story of their products to consumers ranging from quality to environmental integrity is designed to show data certified and recorded on the public blockchain VeChain. In other words, all claims shown in the MyStory platform are verified by DNV. Consumers would just have to use a smartphone to scan a QR code fixed on the product packaging to access this information.

DNV, Retail Institute, and University of Bologna’s Survey

Recently, DNV partnered with the Department of Business Sciences of the University of Bologna and the Retail Institute to conduct a survey – “certified and registered supply chain traceability in the blockchain.” This is to analyze the consumer’s perception and purchasing behavior in a situation where the retailer gives access to information concerning the traceability of the product chain, certified by an independent third party, recorded in the blockchain, and accessible through a passport product digital.

The survey questions were submitted online to some panel of consumers selected. Some of them were customers of the Retail Crai Brand as well as in-store

According to reports, retail Crai Brand took notice of the products indicated in the survey and involved its suppliers to verify traceability. Point of sales was made available to carry out the research with two different communication approaches tested – emotional and rational. The products involved in the survey are said to belong to La Rosa dei Gusti and Cuore dell’losa lines

More Details on the Initiative

The role of the Department of Business Sciences of the University of Bologna was to take care of the scientific planning of the study to ensure that the research protocol conforms to international standards. The objective of the research was to enable retailers to benefit from validated results. This will enable them to make decisions regarding some opportunities that come out of the implementation of solutions that sees the use of blockchain as an important tool to support data verification.

Stefano Santamato, DNV’s consumer goods and retail leader in central and southern Europe commented on the MyStory Platform and the survey:

This initiative presents itself as an opportunity to consolidate the partnership between DNV, the Retail Institute, and the University of Bologna. The study carried out, also thanks to the collaboration with Crai-Food 5.0, would allow us to deepen our knowledge of consumer behavior in front of more transparent products, made such by the use of digital technologies to guarantee the truthfulness of the information, by the presence certification issued by a third party and the new ways of communicating to the consumers.

VeChain has collaborated with several other companies with different backgrounds to expand the range of its use cases in a bid to transform society. With the MyStory Platform, consumers can directly get involved and experience the whole chain from farming, production, and transportation journey