Risk management giant DNV GL is partnering with blockchain startup VeChain to launch a more efficient and transparent record of asset ownership.

The two companies announced they would be teaming up on Wednesday to develop a blockchain platform to track food and beverages, as well as fashion and retail. The ultimate hope to apply the solution to the aerospace industry, according to a press release.

DNV GL is known for advising companies on ways to boost efficiency. In this case, the company announced it would develop an immutable record for its clients to track their assets.

The firm's chief executive, Luca Crisciotti, said partnering with VeChain will help his company’s digital programs become more adaptable for client needs, particularly with data collection. VeChain launched its own token, VEN, in 2016.

"Our Digital Assurance Concept will provide both and consumers with an unprecedented degree of insight into product and supplier information, to an extent and with an accuracy which have not been possible before," Crisciotti said in a statement.

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