We ensure our client’s commodity and contract data can be more efficiently stored and managed in a secure and intelligent way.
Distributed Ledger Technology (DLT) decentralises data across a network of ‘nodes’ which, using their combined power, stores transactional data permanently in the cloud on a ‘blockchain’. This distributed, decentralised approach means that there cannot be a single point of data loss or critical failure.
Every point in a company’s operation is therefore fully accountable and by utilising ‘Intelligent Contracts’ (or ‘Smart Contracts’ as they are sometimes known) products will for the first time be able to record vital data such as time of day, weekends & holidays, time zones, and geographic borders. Operational chains can, for the first time, be truly intuitive, increasing businesses’ financial margins.
Chainvine (“the company”), a provider of cutting edge Distributed Ledger Technologies, has announced that it has secured £2.5m ($3.34 million USD) in its Series A funding round led by Deepbridge Capital.
Chainvine works closely with its clients’ management teams to integrate their existing ledger systems into a bespoke blockchain based platform, allowing them to better manage their supply chain and contract data. Chainvine’s platforms enable clients to evolve their existing ledger systems rather than completely overhauling them, by harnessing the potential of blockchain technology without prior technical experience.
Chainvine will utilise the funds to expand its client base and commercialise its revolutionary ‘Intelligent’ products. As part of the Series A funding round, Kieran O’Gorman, Technical Partner at Deepbridge Capital has been appointed to the Chainvine board to provide high level strategic advice.
These two products will reduce the cost of trust within a business, thus increasing profit margins and bringing efficiencies that were not possible until now.
Businesses invest significant time and money into outdated database and ledger technologies that are not conducive to long term sustainability. The most prominent ledger and database systems are simply digital versions of analogue systems. These platforms are highly susceptible to human error, are very often incompatible with third party software and their standardised approach increases the risk of cybercrime significantly.
“At Deepbridge, we invest in impressive teams, which have the skills and technical knowledge to create globally scalable products, and we believe Chainvine and its novel use of Distributed Ledger Technology meets these vital criteria” said Kieran O’Gorman, Technical Partner at Deepbridge Capital. “We look forward to working in partnership with Chainvine during its continued development and commercialisation.”
Oliver Oram, Founder and CEO of Chainvine said: “We’re very excited to be working with Deepbridge. Their significant expertise will prove invaluable as we commercialise and scale our business. We truly believe that Distributed Ledger Technologies have the potential to change the way businesses operate. The technology allows for unparalleled levels of transparency and efficiency that will allow companies to operate truly sustainably.”
Chainvine offers its clients two distinct products. Firstly, it has created ‘Intelligent Commodities’, which when integrated with Internet of Things (IOT) partners, enables companies to track physical commodities and record supply chain data, e.g. production, transit, and temperature records, on the blockchain. This allows for highly intuitive automated data management.
Chainvine has also developed its unique ‘Intelligent Contracts’ product, which enable its clients to better manage contract data, by ensuring it is permanently recorded on the blockchain and giving them access to the technology’s self-executing digital contracts system.
Chainvine has developed its unique product, Intelligent Commodities, which when integrated with Internet of Things (IOT) partners, enables companies to track physical commodities and record supply chain data – such as production, transit, and temperature records – on the blockchain through Chainvine’s bespoke platform. This allows for highly intuitive automated data management thereby increasing supply chain transparency and traceability. Chainvine currently works with several clients in the fine wine and metal sectors.
Chainvine’s Intelligent Contracts enable businesses to better manage digital contracts, including storing any changes to the data, by ensuring it is permanently recorded on the blockchain. Using Chainvine’s bespoke system, Intelligent Contracts also give businesses access to the Distributed Ledger Technology’s self-executing digital contracts system. This technology allows contracts to be recorded and managed in a secure space, while also enabling the participants involved in the contracts to remain anonymous. Chainvine is currently working with a number of legal and accountancy firms on bespoke Intelligent Contract projects.
We work in partnership with our clients to create bespoke solutions to ensure their contract and commodity data is permanently recorded in a secure, decentralised network, making their records easier to access and manage.Contact us
We believe in collaboration. That’s why we work with a wide-range of expert advisors that specialise in disruptive technology, intelligent commodities and intelligent contracts, and help us to create the most innovative new blockchain solutions for our clients.
We work closely with our clients to help them evolve, not overhaul, their ledger systems. We are dedicated to working with our clients to create a bespoke platform, making sure the solution meets our clients’ needs, rather than adopting a one size fits all approach.
Our white-labelled products can work with any blockchain platform, in virtually any sector. We work closely with our partners and clients to help them evolve, not to completely overhaul their systems.
Stena Steel has been trialling Chainvine’s 'Intelligent Commodities' to allow its clients to track and trace the steel it produces back to source. This allows customers to see where their metal came from, how it has been treated and who handled it.
Chainvine uses blockchain technology to record and store Stena Steel’s supply chain data using Distributed Ledger Technology (DLT), which is impossible to manipulate by anyone along the supply chain. These ledgers can be followed from the final product, every step of the way back to the original source, in real time and with complete reliability.
Ultimately it is planned that Stena Steel customers will be able to login into their Stena accounts to download and check steel certificates with greater visibility of the origin and producer of the steel.
"Stena Steel takes great pride in distributing only the highest standard steel to its customers. It is very important that our clients have the correct, unmanipulated data concerning the steel they are buying. Be it for producing cars, boats or planes, we aim to provide that data to Chainvine who are creating tomorrow’s intelligent commodities.” Hans Svensson, Market and Purchasing Manager at Stena Steel.
Global law firm K&L Gates LLP utilise Chainvine’s “Intelligent Contracts” to allow the firm’s lawyers and IT staff to establish an internal, private and permissioned blockchain to assist in the exploration, creation, and implementation of smart contracts and other technology applications for future client use.
“We are hearing from our lawyers globally who are excited about getting hands-on experience working with blockchain applications,” commented K&L Gates Global Managing Partner James Segerdahl. “By investing in this technology that is expected to significantly impact the practice of law, K&L Gates is committed to finding practical and timely solutions that benefit both our clients and the firm.”
Judith Rinearson, a partner in K&L Gates’ New York and London offices and one of the co-chairs of the firm’s Fintech practice leading the project, said: “The first stage of our blockchain initiative will be a ‘sandbox’ that will allow our lawyers from around the world to get direct experience working with blockchain applications. We are next planning to develop use cases that our clients want and need, working both with Chainvine and clients to explore and build on the distributed ledger platform.”
The final step in K&L Gates’ blockchain initiative will be to create an internal private permissioned blockchain, a commitment that very few, if any, other major law firms have made.