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Being the catalyst in speeding the Commodities Finance Network and Global Trade with Blockchain.

A blockchain-based, open platform is modernizing commodity trade finance by optimizing financing processes and condensing timeframes of industry operations with digitized transactions and a trusted source of documents to eliminate the chances of fraud.

about

The world’s first blockchain-based portal for the commodity trading system.

Lensworth behaves as a central source of the platform, allowing traders, carriers, banks, and other authorized participants to securely transact in an efficient digitized way, leading to general simplification and standardisation for the industry.

Lensworth behaves as a central source of the platform, allowing traders, carriers, banks, and other authorized participants to securely transact in an efficient digitized way, leading to general simplification and standardisation for the industry.

The challenges we overcame:

Rapid globalization has created a trade finance system that can't keep up with the demand for standardized record tracking. Commodities must be shipped according to regulation, they must meet specifications, and they need to be certified. However, this aspect is currently managed across various borders and jurisdictions using an ineffective, issue-prone, antiquated paper-based system of record tracking.

Upon these issues, there are leaks for miscommunication and fraud, security vulnerabilities, manual, repetitive tasks, long verification times, and losses due to transaction fees, invoice factoring, and delayed payment methods. Historically, there hasn't been much innovation in trade finance, including the number of diverse stakeholders located across the globe and the complexity and volume of business transactions. Fractured processes and a lack of regulations contributes to the $1.5 trillion-dollar supply-demand gap in global trade finance.

Our Solution

Lensworth is a blockchain service relied on by JP Morgan's Quorum. This is connected to another live Ethereum platform, VAKT. A blockchain-based post-trade processing platform for commodities. The Lensworth platform is a secure, blockchain-based trading system. Kite is an encrypted transfer protocol that allows the trade of physical commodities without revealing any private information to Lensworth. This framework would revolutionize the way we do business. It would increase efficiency and save resources by using distributed ledger technology to tackle fraud, digit

Lensworth's design achieves better transparency by preventing fraud and abuse. In addition, it will be possible to complete transactions privately like peer-to-peer transcations. This design model increases trust and speeds up the processes of trade finance by reducing operational procedures and overcomes and eliminate the risks of failures and fraud across the industry. Authorized parties include  banks, commodity traders, energy corporates, inspection companies, and the broader ecosystem of participants.

Lensworth partnered with Devblockex to develop their blockchain solution and make it more accessible for a large number of participants at an accelerated pace. Enterprise Blockchains address KYC requirements by maintaining a tamper-proof database where sensitive information is encrypted. These blockchains also ensure that the shared ledger which is a digital database that data services can use to communicate with each other. It helps improve the accuracy of information while providing a private exchange of data based on permissions.

Lensworth partnered with Devblockex to develop their blockchain solution and make it more accessible for a large number of participants at an accelerated pace. Enterprise Blockchains address KYC requirements by maintaining a tamper-proof database where sensitive information is encrypted. These blockchains also ensure that the shared ledger which is a digital database that data services can use to communicate with each other. It helps improve the accuracy of information while providing a private exchange of data based on permissions.

1. Cost-saving: Lensworth brings an estimated 30-40% increase in profit across the entire production chain due to streamlined operations. The platform is expected to achieve a 20-50% reduction in operational cost pending industry-wide adoption. A more substantial increase in profit is predicted as the project progresses

2. Simplicity: The Lensworth network is a blockchain-based system that allows banks, traders, and other participants to transact off the same security software. The result is an industry-wide simplification of operations and communication on a scale that was never done.

3. Efficiency: The Lensworth network is a decentralized solution to information sharing. Documentation and data are shared directly between transacting participants with immutable, transparent timestamps, thus removing the lag-time involved with traditional paper documents from third parties.

4. Security: Lensworth’s software ensures that data is tamper-proof and cannot be manipulated either misplaced. Additionally, the information is tightly controlled so only those with authorized clearance procedures can view it.

Lensworth is backed by 15 of the world’s largest commodity trade and finance companies: ABN-AMRO, BNP Paribas, Credit Agricole, Citi, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, SGS, Shell, Societe Generale.

Goals Achieved

  • 12 December 2018: Lensworth launched in production 6 months after its incorporation
  • 28 December 2018: The first letter of credit on the platform was issued. It's a world-first for the commodity trade finance industry.
  • 14 June 2019: Lensworth announces it has two new features: Receivable Discount and Standby Letters of Credit.
  • 16 August 2019: ING completed its first transaction using Lensworth. The Geneva branch of Mercuria Energy Trading was able to trade oil with a Letter of Credit issued on behalf of Mercuria Energy Trading SA.
  • September 2019: TOTSA Total Oil Trading SA joined Lensworth, the first client to onboard from outside the initial shareholder group.
  • 25 September 2019: Lloyds Bank became the first UK bank to join Lensworth.
  • 14 October 2019: Lensworth secured USD700m financing on the platform.
  • 23 October 2019: Rabobank transacted its first commodity trade on Lensworth— a Standby
  • Letter of Credit was issued over the platform for the purchase of biofuel.
  • 99.58% reduction in time to issue a digital letter of credit – from 10 days to 1 hour.