Sofocle is the Winner at ‘Fintech Valley Blockchain Startup Challenges 2017’ — An Initiative by Government of Andhra Pradesh #BlockchainVizag
October 10th, 2017 — Andhra Pradesh, India
It is a proud moment for everybody associated with Sofocle Technologies. They have started their journey a couple of years back, and their dedication, hard work and sleepless nights have been finally paid off. Sofocle won the first prize at ‘Blockchain Business Conference’ #BlockchainVizag, an initiative by Government of Andhra Pradesh (A.P.), India and supported by Ministry of Electronics & Information Technology, Government of India, for their flagship product — sofoCap in the category ‘ Fullerton Supply Chain Finance Challenge’.
It was a 2-day event held on 9th & 10th of October, attended by many renowned names in the Blockchain domain. Some of the prominent speakers were Shri N. Chandrababu Naidu — Chief Minister of A.P., Shri Nara Lokesh — I.T. Minister of A.P., Ajay Prakash Sawhney — Secretary, Ministry of Electronics and Information Technology, Richard Kastelein — Founder Blockchain News, Cryptoassets Design Group & Blockchain Partners, Netherlands, Jack Shaw — Executive Director, American Blockchain Council, USA, to name a few.
The event saw 300+ attendees, 50+ speakers & 40+ startup exhibits from 20+ countries with 10+ industry association. It is India’s biggest blockchain conference, gathering over 300 global blockchain experts, business leaders, policy makers and emerging startups which features inspirational, thought-provoking keynotes, panel discussions, talk-shows, workshops, fire-side chats and a host of networking opportunities.
sofoCap is a Blockchain based Supply Chain Financing solution, which makes the process of invoice factoring seamless. The supplier can post invoices on this platform, which gets approved by the buyer on the platform itself. The supplier can then ask the investor, which are also present on the platform too, to release funds against approved invoices. This drastically reduces time and effort involved in to and fro of information for taking approvals and eliminates physical paper work.
Whenever an invoice is posted on the platform, it gets tokenized, thus making it impossible to make any alteration and hence eliminating fraudulent invoices. sofoCap also deploys Smart Contracts for ‘autonomous disbursal’ of funds when an investor confirms the financing against approved invoices and also for ‘autonomous repayment’ from the buyer on the due date.
On this achievement, Sofocle’s co-founder, Ms. Nidhi Chamria said “We are very proud and excited to have been recognized by the Government of Andhra Pradesh and Ministry of Electronics & Information Technology, Government of India. This achievement will serve as a founding stone in the growth of the Sofocle.”
About Sofocle Technologies
Sofocle technology is an Enterprise Blockchain Solution provider which develops Blockchain based solutions for different industries including finance, supply chain, healthcare, retail, manufacturing etc. They utilize Ethereum and Hyperledger Fabric technologies to develop Smart Contracts, Cryptocurrency, Wallets & Exchanges from the Blockchain open source. Their 3 prime products are SofoCap, SofoInsure & SofoChain.