Maxonrow and Montenegro’s Capital Market Authority JoinForces to Create Blockchain-based Document ManagementSystem (DMS) in the FinTech Space
Back in 2019, a chance meetup between Montenegro’s Capital Market Authority (CMA), and Maxonrow’s (Tech-Solutions Division) representatives at an international FinTech event in Montenegro culminated into a collaboration. This partnership further expedited both corporate entities’ foray into further developing intelligent business solutions and tools that prominently integrate Blockchain into their systems. Through this meetup, the CMA had agreed to enlist Maxonrow in a mutual collaboration to develop a suite of licensingsolutions that are powered by the Maxonrow Blockchain.
As blockchain technology develops and thrives, many corporate setups have faced various business operations and organisational challenges, including server costs, energy demands, transaction speed, transaction costs, protection against threats,scalability, data transmission, and data management, to name a few. These difficulties have prompted Maxonrow to develop a vast ecosystem, made up of supernodes, which are then scattered across the world to provide solutions and meet the world’s diverse needs without the use of intermediaries or boundaries.
In helping with the CMA’s cause, Maxonrow’s role is to help develop a suite of Blockchain-integrated Document Management System (DMS) to optimise CMA’s financial services operations securely and effectively.
The CMA also happens to be the first international corporate entity to utilise Maxonrow’s Blockchain technology in their Content Management Systems (CMS), aside from implementing Maxonrow’s DMS solutions.
We were privileged to conduct an interview with Mr. Zoran Đikanović (PhD, m.p.), the President of the CMA, as he gave his thoughts and insights on how this collaboration came to be. He also noted that Maxonrow helped in deploying suitable Blockchain-powered DMS solutions for CMA.
Q: What document management issues do you seek to solve?
Z: Paper-intensive processes are not only time-wasting; they can also lead to decreased productivity in your business. Document management systems offer an effective way of organising your business records and restoring order to your organisation. However, finding an ideal DMS for your organisation can be a painstaking task.
Q: What do you look for in a document management system?
Z: There is more to document management than buying and installing software. I have to ensure that I get a solution that fulfills the document management needs in CMA. To identify the issues, I would need to address and ask my subordinates what problems they encounter on a day-to-day basis.
My opinion is that a good document management system should encompass the following:
- Enable employees to follow and maintain your organisation’s style guides for documents.
- Provide online backup for physically-stored documents.
- Allow for proper archiving of outdated documents.
- Enable employees to follow the proper procedures for sharing documents.
- Provide electronic procedures that ensure only authorised people have access to critical files.
- Robust yet flexible enough to manage a large number of documents and users, backed by excellent technical support, easy upgrading process, secured usage management, and cost-effective.
Q: What are some of the criteria that you look for when enlisting an IT-vendor for your DMS needs?
Z: Having a document management system is not enough if it does not work as expected. For me, being able to use it effectively, a document system provider must accommodate my organisation’s efforts in commencing the transition into the new system. They should offer support from the beginning of the document conversion process and lasting long after the system has been officially deployed.
I need assurances that I will get the right assistance needed once we have begun using the new software. Hence, tech support is vital for me and my organisation. My view is, a reliable system provider should support both the software and hardware. Reliable support is vital because it will help eliminate or minimise any disruptions, and with Maxonrow, I found a complete, total solutions provider in them to help me and my organisation to thrive.
Zoran Đikanović (PhD, m.p.), the President of the CMA, also remarked that Maxonrow’s Blockchain — with its intrinsic configuration — is enhanced with robust security, agile-tech development, intelligent solutions management and simple-to-understand mechanisms. It has convinced him to utilise Maxonrow’s services to incorporate and deployBlockchain-enabled business solutions into CMA’s operations.
“We’ve chosen Maxonrow as our technology partner because we are happy with their rendered services. While not every aspect of our collaboration has been finalised yet, we are happy with the intelligent, cost-cutting measures and time-saving solutions that Maxonrow has presented to us. With this in mind, we hope to see the completion of our projects and can’t wait to deploy this into our systems, and we look forward to further cooperation works with them”, commented Zoran Đikanović, President of Montenegro’s Capital Market Authority
MAXONROW FACT SHEET
MAXONROW’S AVAILABLE TECHNOLOGY FOR DEPLOYMENT
Practical Byzantine Fault Tolerance (pBFT)
Maxonrow is using Practical Byzantine Fault Tolerance (pBFT), a voting-based consensus that has three main stages in each round — proposal, voting, and committing. During each round, a new validator is chosen to be the proposer or leader, meaning that a different validator will propose each block. The chance of a validator being picked is proportional to its voting power, which is determined by the percentage of total staked tokens.
Governed Delegated Proof of Stake (GDPOS)
Maxonrow uses Governed Delegated Proof of Stake (GDPOS), a mechanism of equity entrustment. Every verification node on the Maxonrow Blockchain must complete a rigorous KYC authentication process before being approved to join the consensus mechanism. Maxonrow’s GDPOS prevents verification node violations and solves the centralisation risks of traditional consensus mechanisms. Under GDPOS, users can also place their own token as a verification node to increase the frequency of block-creation.
InterPlanetary File System (IPFS)
IPFS is a peer-to-peer distributed file system that attempts to connect the same file system to all computing devices. IPFS combines distributed hash tables, which encourages block swapping and a self-certifying namespace. IPFS does not have a single point of failure, and nodes do not need to establish mutual trust. Delivery of distributed content can save bandwidth and prevent DDoS attacks that HTTP protocols might encounter.
A leading tech developer that is committed to building a safe and efficient digital world with blockchain technology. Maxonrow is a blockchain network ecosystem that will use blockchain technology to connect communities, governments, and businesses to the real economy.
Maxonrow builds regulatory-compliant solutions for businesses, intuitive apps for end users, and powerful tools for developers. The aim is to build a connected and trusted digital platform where people, businesses, and governments are connected and share information seamlessly while enabling cost-effective transactions to be performed in a safe and secured manner.