Everything about Intrachain
Dear Intrachain Community,
Our CEO Arne just gave an interview about Intrachain and we thought you might want to see it and get new insights into who we are and what we do.
What is Intrachain?
Intrachain is the world’s first process mining software with integrated blockchain. Our service focuses on the collection of data in computer systems and the storage of these data in a tamper-proof and secure way on the blockchain.
This architecture allows for two different use cases that led to the development of two products:
- Intrachain Business
- Intrachain Private
What problems do we solve?
We have recognized the need for a solution when it comes to data tracking for both private users and businesses.
Private users and businesses are increasingly affected by nontransparent data tracking methods and inaccurate data. Private users are therefore often unaware of their digital behavior. For businesses, the consequences are even greater: Important documents such as financial reports rely on data as one of the main information sources. If these data are incorrect, companies can suffer from fines, lack of trust of shareholders and wrong deci- sion-making. Common practices in this regard, for example reconciliation or manual data errors corrections, are time-consuming and therefore very costly.
First of all, let us introduce the solution for private customers: Intrachain Private is a B2C software that tracks personal user behavior and offers the possibility to store the data on the blockchain. The data are made available to the user for analysis via a user interface.
Intrachain Business also keeps track of user behavior data and transfers them to the blockchain. In a next step, these condensed data serve as the basis for the correct recording and allocation of intercompany services. Smart contracts are used to transfer the involved cost transactions to the right accounting systems within the group of companies. Thus, Intrachain Business is an accounting software combined with Distributed Ledger Technology that automates reconciliation practices.
How are we solving these problems?
The decentralized solution of the Intrachain Platform offers great advantages for both products: In comparison to standard servers, it provides significantly higher data security. This is an important aspect when taking customer demand for data transparency and the prevention of data manipulation into account.
To gain a better overview of the trails of data, Intrachain’s process mining engine generates detailed data about user behavior and performed efforts. These data are then transmitted to the Intrachain blockchain where they are stored safely and transparently in a private blockchain. For Intrachain Business customers, the corresponding costs are then being allocated to the responsible entities and can be booked simultaneously via smart contracts. This way, companies gain a clear overview of their intracompany transactions and get rid of common aws of current reconciliation methods.
Our Vision
With the integration of blockchain technology into behavior tracking, we believe that we offer a high-value service to major economic players and private users alike that has transforma- tional potential.
We offer individuals the required personal behavioral data to re ect on their usage of smart devices and analyze their time spent.
Furthermore, it is our aim to revolutionize accounting practices by making use of new technological possibilities. We want to automate accounting practices such as reconciliation with the help of blockchain and smart contracts. This makes effort allocation more ef cient, helps companies to save costs and provide them with the accurate data that are needed to make informed decisions.
Next week we are going to talk more in-depth about our products. Stay tuned!
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