Reduce Friction in Trade (with HMRC)
Chainvine’s platform uses Distributed Ledger Technology, blockchain and Internet of Things (IOT) to reduce friction in international trade, as reported by Lord Holmes:
The project has representatives from:
Intelligent contracts (with K&L Gates)
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.
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.”
National asset management system (with Gov of Seychelles)
Seychelles and UK-based blockchain specialists Chainvine have entered into a strategic partnership to develop a platform to ease the process of doing business in the fisheries sector in the island nation. According to the Department of the Blue Economy, the agreement for the Seychelles National Assets Management System, which was signed in a virtual event in October 2020, will allow users to track fish from ‘sea to sell,’ as it collates data and issues unique certification for fishing catches and quota.
The Department of the Blue Economy said the technical support has ensured the successful development and promotion of the project in line with “our national strategy; for transiting Seychelles into a knowledge-based and an innovation driven economy.”
The project has been done in collaboration with local partners, principally the National Institute of Science Technology Innovation (NISTI).
Reducing Friction in International Trade (RFIT)
Following the publishing, Lord Holmes publishes a new report, “Reducing Friction in International Trade” (RFIT). Chainvine was invited to participate in an event organized by HMRC. The event was set up to show the importance for the UK to adopt new technologies like blockchain, to become resilient and sustainable to trade internationally.
The RFIT project applied DLT and internet of things technologies to Australia/UK wine imports to improve the efficiency and security of supply chain data management. Members of the project included the UK Government departments HMRC/FSA, Australian Export authorities, Wine Australia/ATO, Chainvine Ltd, Importers/producers, Association/trade body representing the Wine and Spirits trade in the UK and Exeter and Surrey University.