Intrachain: The Blockchain Future is here
Does your company suffer from bad financial performance?
The interaction of legal entities in the framework of contracts is usually inextricably linked with the performance of reconciliations between the accounting departments of companies in certain periods of the year. This procedure is aimed at eliminating possible errors in accounting and is associated with additional labor costs and time costs.
Because — until now — no solution has been developed, this procedure is not automated and is performed by uploading data from the ERP system to MS Excel format and further reconciling this table manually in counterparty accounting. Consequently, this procedure leads to inefficiency.
Unloading, forwarding, reconciling and eliminating errors takes time and increases the cost of execution of projects and tasks, which inevitably results in bad financial performance of companies.
Intrachain - the end of your accounting suffering!
Against this background, we are introducing Intrachain — a blockchain based solution for smooth automated intragroup accounting reconciliation. Intrachain provides complete automation of the accounting process, payment for services and reconciliation of data, compliant with the requirements for their security and immutability.
Intrachain — the Game Changer
Guaranteeing the data immutability at all stages of the relationship between the companies is extremely important for execution of services and trust between counterparties. An information system that operates on the basis of the immutable shared transaction log removes suspicions of a possible modification of the data or error, which increases confidence and reduces the cost of execution costs of the contract.
It is worth noting that traditional ERP systems by default do not have mechanisms to control the data immutability. Their data immutability control mechanisms are basically built at the level of different user access rights to different parts of the program or database. This, however, is not a reliable mechanism in comparison with distributed encrypted data storage in dependent blocks.
With a complex structure of contracts both within the group of companies and between companies, it is extremely important to have a simple mechanism for monitoring the performance of contractual obligations in the chain of obligations.
The Intrachain eco-system is based on Ethereum blockchain and uses smart contracts to implement such a mechanism allowing to trace the entire path of data and financial information through a chain of contracts. Compared to many existing ERP and accounting systems without such a mechanism, Intrachain provides the ability to trace information for making administrative decisions. Each transaction in the chain of contracts can be verified for immutability while keeping sensitive data secured from public access.
Intrachain provides distributed storage of transaction data with equivalent access to them for each of the companies. Technically, data on all transactions are stored on each node of the system, but each company has access to view data only on its own contracts. Such an architecture makes it very easy to add new members of the interaction system and to guarantee them the security of their own data.
Intrachain is equipped with the software API to its own work procedures, such as billing, payment or reconciliation of data under the contract. Intrachain’s API allows to integrate literally any ERP using software bundle as an adapter to particular ERP system. Such an adapter can be developed upon request to any existing ERP system or accounting system. Intrachain is independent of ERP manufacturers, which is an important advantage in projects for the integration of systems of various manufacturers, which are likely to meet in projects to organize the interaction of financial systems of various companies.
Intrachain eliminates reconciliation
Summarizing, the blockchain technology is the only technology available at the moment that provides secure and distributed storage of data, built on the basis of transactions, with equivalent access to information for all participants of the business process. It is this technology that makes it possible to simplify -or completely eliminate- the process of reconciliation between the accounts of various companies.
