Intrachain offers a unique software solution that combines a powerful process mining tool along with a decentralized database. The primary objective of the platform is to collect the data in a computer system and store it in a blockchain to ensure maximum security and eliminate the possibilities of data tampering.
The platform serves multiple functions that have resulted in their offering of two products:-
● Intrachain Private – It is a B2C software that monitors online user behavior of individuals and stores the gathered data securely on the blockchain. The data is made available to users for analysis through an interactive user interface.
● Intrachain Business – The primary function of this product also involves tracking user behavior and transferring the data to the blockchain. Subsequently, the data serves as the basis of accurate recording and allocation of intercompany services. Intrachain Business is basically an accounting software combined with Distributed Ledger Technology that automates the reconciliation processes.
Key Features of the Intrachain Platform
Below are some unique features of the Intrachain platform:
● Maximized Data Security
The mechanisms of traditional ERP systems that control and manage data security are not effective enough to provide high data security. This is due to the fact that their functionalities depend on the principle of offering various access rights to multiple elements of the program or database. However, the decentralized approach of Intrachain ensures a distributed and encrypted data storage in dependent blocks. This further creates an information system that operates on the basis of a particular blockchain, thereby avoiding the possibilities of data errors or tampering.
● Fully Automated Procedures
When transactional data is stored in an external distributed database like blockchain, the processes are carried out automatically and in real time. Evidently, there is no interference of humans, so there is no data loss and all the processes are documented. Moreover, blockchain can be used to perform automated transactions while offering transparency to both, the senders and recipients.
● Reliability Through Smart Contract
Smart contract is an electronic contract that lays out the premises to accomplish a transaction. It automatically ensures that all the terms of an agreement are met before processing the transaction. This fundamentally ensures that there is optimum transparency and reliability in all stages of the financial processes.
● High Compatibility with Various ERP Systems
Blockchain offers the opportunity to incorporate a software API via any ERP system. To implement the same, a software adapter must be created that will act as an interpreter between the API and the ERP system. Such an adapter can be developed easily by an existing ERP or accounting system.
● Low Transaction Costs
Blockchain offers cost reductions due to its effective technological factors. By automating the accounting process of reconciling documents in the smart contract, it eliminates the need of manually entering the data into different systems, thereby reducing labor and administrative costs.
The platform has initiated its token sale on December 3rd, 2018, which will continue till December 30th, 2018. Presently Intrachain has offered 109,722,222 ICT tokens for the public sale and the soft cap is valued at EUR 3 Million .
Intrachain – World’s First Blockchain-Based Process Mining Software
Intrachain is an unconventional process mining software that is integrated with blockchain technology to offer secure and reliable data storage to its digital users. The platform also envisions to automate the accounting process of reconciling documents by leveraging blockchain and smart contracts, in order to offer maximum effectiveness and transparency that is essential for decision-making processes.
For more information, visit https://www.intrachain.io/
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