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.