Error-free by design: the blockchain trust layer applied to operational chain of custody.
By: Olya Green
Tags: Covid 19, Remote Work, Process Improvement, Dlt, Taraxa Use Case

Error-free by design: the blockchain trust layer applied to operational chain of custody.

Learn how mathematically verified transactions can help your business scale faster.

Trusting your operational data remotely is hard, but it doesn’t have to be this way.

Nearly three-quarters of respondents (72%) report that COVID-19 has acted as a catalyst to their companies’ innovation. Amid the COVID-19 pandemic, shifting business priorities by MIT Technology Review.

The importance of operational data cannot be overestimated, but it’s getting increasingly harder to elicit business insights when we need them. Complicated by the COVID situation, the pace of change of the global economy has only accelerated driving technological innovation to unprecedented heights. In order to survive in this new normal, businesses increasingly need access to operational data in the front-lines to be ready to act fast and confidently with adequate data at hand. Just having financial data is no longer enough, as most CFOs today will tell you they absolutely need to incorporate operational data in order to monitor and act on the company’s performance.

Intelligent Automation PostCovid found that nearly two-thirds (64%) of US IT decision-makers plan to increase their investments in automation technology over the next year as a result of COVID-19, with 71% noting that intelligent self-service has been key to remaining agile during the crisis.

But let’s take a look at how this crucial piece of corporate assets is handled today. Most of the world’s operational data reside not in highly structured ERP or project management platforms but remain stuck in baseline communication tools such as text or email. The reasons are very simple. First, most people do not like to learn complex software platforms where they are required to manually enter and structure operational information. Second, there is no reason to trust the data that has been entered, especially when dealing with large numbers of external partners and stakeholders. This problem has not really been addressed, as the world just keeps churning out more and more project management software platforms that only adds to the problem generating larger process silos. So the question remains — how can we prove chain-of-custody and provenance for all transactions throughout the business cycle?

The good news is that for the first time in history, we have the technology at hand that offers a feasible way to replace trust between humans by mathematically verified proof of the correctness of data, networks, systems, and processes. Let’s take a closer look at how Taraxa makes use of distributed ledger tech to deliver applications that have the ability to guarantee truth inherent in their design.

Business processes on blockchain steroids mean operating at a lower cost and much higher speed.

In times like this, the advantage of speed and transparency is truly unbeatable. What we offer is a scalable infrastructure API designed to infuse mathematically provable trust into your company processes to let you make better and more informed decisions. While blockchain doesn’t guarantee the uploads of correct data, it allows us to zoom in to see the operations log and trace responsibility by looking at who and when uploaded a particular data set.

Stanford Seminar — Practical Blockchain Applications by Steven Pu.

Taraxa delivers a robust operational chain of custody to make your operations credible and error-free.

Taking advantage of a transparent operational chain of custody is what a company of any size needs today. With a scalable infrastructure built to enable frictionless operations both internally between the departments and externally with clients and partners, businesses can enjoy elevated efficiency of all processes through blockchain’s biggest value prop — building up trust and integrity at a lower cost. Not only the processes become faster, but also as visible and accountable as ever.

‘We don’t care what data people enter, as long as they claim responsibility’. Steven Pu, Taraxa’s Founder and CEO.

Taraxa builds this foundation for a reliable chain of custody spanning across every business unit and automatically capturing all the critical OpsData you need to prove the integrity of your organizational planning, execution, and assessment processes, from end to end. Recorded in a clear audit trail, all inter-department communication, external partner operations, and customer interactions are in full view of project owners. This kind of system will chronologically retain critical documentation and traces every movement across all business units. Here are some of its broader benefits.

No more operational surprises.

A detailed account of each business interaction from start to finish lets you zoom in and investigate the issue or check on the area of accountability. Now you can always go back and check on the event log and react before negligence becomes a dispute.

You’re one step ahead of operational risk with absolute data integrity.

A complete record of all customer-facing and internal operations backed by an audit trail provides strong proof to verify the authenticity of documents and contracts for all sorts of evidence requests, commercial arbitrations, and court procedures.

Operational records are visible, searchable, and available at all times.

All facts and deeds are consistently backed up by the audit log to eliminate the risk of tampering with sensitive documentation and other files. Its validity is assured by a robust DLT ledger making the system highly trusted by any third party.

Transparent processes at your fingertips: a brief overview of Taraxa’s applications.

IT decision-makers today agree that tools that allow them to build and manage their own applications are important to their automation strategies. ‘Intelligent Automation PostCovid’.

Taraxa is very easy to set up and run to give you more control over application management keeping the cost and time to development fairly low. With applications built on top, it enables myriad useful features and functionalities. For instance, our ready-made solution for remote process management will finally let project stakeholders lock-in and agree upon facts and deeds — no matter how and where they work. With more and more companies accelerating their move to the cloud, employees now like never before need the ability to agree on critical business decisions faster.

Streamline collaboration processes through explicit sign-offs.

Give the power of a legally-enforceable contract to any type of agreement. No matter how big or small, formal, or handshake, every operational transaction is securely backed up by an immutable audit log, which means that no one can mess up the data.

Visualize all processes and minimize disputes.

Get confident views of all processes and stakeholder involvement near real-time. Transparency means fewer discrepancies and disputes and also lets you browse processes and act on inefficiencies faster than ever before.

No need to install additional apps or plug-ins — keep working from apps of your choice.

[Marinate] is easy to integrate into your existing stack, and even easier to use. Love using email and SMS? Slack is your go-to-app? We got you covered: you won’t even notice how data is retained and anchored in the audit log sparing you from the setup headache.

Pull in stakeholders from disparate apps to work on the project in a matter of minutes.

We all know how painful it can be to coordinate workflows in a ‘bring-your-own-tool’ setting. No more of that: [Marinate] will let you send invites and add stakeholders to the project giving them (and yourself!) the flexibility to keep their workflows and preferences without the efficiency trade-off.

Another use case is in asset leasing that we’ve been working on with our client in Japan for quite some time. The biggest value prop here is machine state integrity and creating digital twins for machinery pieces to let the asset vendor and machine operators agree on revenues generated by the slot machines. To help them build trust with their customers, we set up and installed cryptographically secure hardware modules to arcade machines connecting the signals in multiple spots like coin slots and tickets. The signals are transmitted both to the cloud and to the blockchain, which facilitates data audits later. An added value prop here is elevating preventive monitoring and reducing the maintenance costs.