The technological leap of the last 20 years gave a lot of tools for companies, managers, entrepreneurs to run project much more efficient and faster. However, even now the spectrum of services can not solve the defragmentation problems in operational tasks for complex project management within different jurisdictions and regulatory frameworks.

Let’s imagine a Turkish company who have construction contract in Russia. It is essential to ensure compliance with full Russian building regulations (SNIPs). Which are completely different from what is accepted in Turkey or in Europe. Similar problems happen in all technologically advanced industries: IT, financial sector, construction, logistics and in many other areas.

Companies are forced to spend a lot of effort on agreeing on the details of the contract, on hiring local contractors, lawyers, and synchronizing with the legal framework of different countries. A very important issue is to track compliance with each of the parties, as well as the implementation of all additional agreements arising during the project execution. In the traditional economy, all changes to the contract are formalized by an additional agreement. This can take a lot of time, and could lead to loss of funds or failure to meet deadlines.

Blockchain can be a solution for this problem making projects based on it more cost-effective, efficient, and secured. It can be used to upgrade many economic systems.

According to a joint report by Nasdaq and Celnet, in June 2018, more than 70% of IT companies considered or already used blockchain in their work. For example, SAP developed its own blockchain for interaction between a client and non-state pension funds.

A major drawback of such projects is their narrow focus — in fact, they are focused on 1–2 implementations (usually, it is processing, conducting of settlements and control of transfer of ownership). It can be a real constraint on the road to “universal” and international solution.

In order to solve challenges of globalization and standardization, the Hong Kong company Effective Energy launched the project Alehub. It is an automated financial platform for IT projects,which can be used in any industry.

Alehub solves several problems at once:

• Fixing the terms of the contract and their automatic contract execution in the blockchain;
• Unification of participants interaction and automation the verification process of results;
• Ability of an unlimited number of participants from different countries to interact with each other, creating Alehub’s own ecosystem;
• Control over payment and compliance with escrow and QA from the certified participants of the platform
• Ability to select independent executors of the declared specification and determine the optimal price and terms of the contract;

The project gathered a strong team of seasoned professionals from Russia with solid tech background. The end of the development is scheduled for 2019.

The Alehub project is patenting its own developments and preparing in the next year deliver not one, but several unique fintech solutions to the market.

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