Blockchain tech firm Stratumn opens public beta for IndigoTrace
Stratumn, a start-up that leverages the blockchain to reinvent how businesses create trust online, has launched the beta of its new plug-and-play software product, writes Julie Muhn at Finovate (FinTech Futures’ sister company).
Dubbed IndigoTrace, the company says it’s a “user-friendly API” that allows business administrators to create a workflow and invite participants, giving them each a role designated by a public/private key. Users can add inputs to the workflow and all changes can be monitored and traced in real time. This traceability offers visibility into who did what, when, where, and why, allowing for easy audits throughout the process. All information is secured by Stratumn’s proof-of-process (PoP) technology and public blockchains.
The API plugs directly into a business’ existing system and can be accessed via web, mobile or internet of things (IoT). IndigoTrace offers an intuitive user interface to empower even non-technical employees to offer input.
“At Stratumn, we see an increasing need for consumers, companies and regulators to be able to trace the movement of any good or asset and audit the status of a process at any given time and place. In a fast paced hyper-connected world, the ability to make, automate and prove strong business decisions is critical,” observes Stratumn’s cofounder and CEO, Richard Caetano.
“We believe that the blockchain technology has the answer to this need by providing a single and immutable source of truth, auditable by all parties involved in a finance or supply chain process.”
Founded in 2015, Paris-based Stratumn’s PoP technology helps streamline and secure the exchange of data among partners, customers, and regulators by leveraging the blockchain.
Last June, Stratumn partnered with Nasdaq and received $7.8 million in Series A financing, bringing its total funding to $8 million. In November, the company completed a blockchain experiment that connected 14 insurance companies in France.