Stratumn, a startup that leverages the blockchain to reinvent how businesses create trust online, launched the beta of a plug-and-play software product today.
Dubbed IndigoTrace, 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 IoT. IndigoTrace offers an intuitive user interface to empower even non-technical employees to offer input.
Stratumn cofounder and CEO Richard Caetano told Finextra, “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. 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 Proof of Process technology helps streamline and secure the exchange of data among partners, customers, and regulators by leveraging the blockchain. At FinDEVr New York 2016, Caetano gave a presentation titled Building and Securing Smart Workflow Using Chainscript and the Stratumn Blockchain Development Platform. 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 experimentation in which it connected 14 insurance companies in France.