“It takes two to do the trust tango–the one who risks (the trustor) and the one who is trustworthy (the trustee); each must play their role.”— Charles H. Green, The Trusted Advisor.
As businesses join increasingly complex ecosystems, the magnitude of this quote resonates through all organizations aiming to develop frictionless relationships with their ecosystem partners. “While the need for speed in the establishment of business relationships continues to surge, members of such ecosystem lack trust in each other because of the missing common experience or history. This is precisely where blockchain technology enters the game,” begins Lumir Boureanu, the CEO at compacer. Based on several years of experience in management, product development, and technological strategies, Boureanu is uniquely positioned to talk about how in a traditional supply chain, the technology has not been an issue to build an ecosystem wherein partners rely on and trust each other while data exchange. While the supply chain is rapidly changing, he adds the missing trust is met by blockchain acting as a trust surrogate to partnerships with its decentralized ecosystem and attributes like company-wise processes/interfaces data exchange, data sharing, and more.
For organizations looking to implement blockchain to establish an autonomous, safe and decentralized network, compacer is indisputably their best bet. “The implementation of blockchain technology (BT) in enterprises should be carried out with meticulous precaution and care in their operations.
compacer helps its customers to find out when blockchain application is justifiable and economical,” adds Boureanu. compacer emphasizes understanding the extensive application of the technology by developing use cases to build the lost trust in the ecosystem. compacer leverages distributed ledger technology to enable the members of the ecosystem to exchange data and build confidence.
compacer helps its customers to find out when blockchain application is justifiable and economical
As Boureanu explains, traditionally, the factoring has been an expensive process and delivered slow results. Additionally, it was required for the factoring bank to analyze assets like invoice as well as the company who has to pay for the invoice. “Considering the gaps in the market, we automate these processes and bring in the blockchain technology to enable transparency and the integrity of the information. Blockchain plays an important role in the development of use cases, and enables a faster and economic process,” notes Boureanu. Another challenge that the company assists their clients with is the security vulnerabilities of the firmware, as this software connects to the mother company while upgrading. compacer allows maintaining the integrity of the distributed firmware with their blockchain based firmware update framework, which acts as a game changer to securely verify the firmware deployed by the device manufacturer and distribute the firmware to the end-device.
compacer provides an efficient e-invoicing solution to tackle the challenge of digitalization thus increasing the operational efficiencies. compacer develops projects and provides the access way to the blockchain. “An important factor to consider here is to understand the difference between a Public and Private Blockchain. The regulatory authority that enables Private Blockchain to set up a permissioned network also prevents others from participating in the network, and only allows them to participate in certain transactions,” Boureanu points out. In an instance, the company assisted one on its client in dealing with a factoring fraud. compacer developed an invoice register based on Public Blockchain with hash tools stored in it for its client that was accessible to everyone. This enabled the client to check whether the received invoice was already registered while ensuring them there was already one-factor provider working on the invoice.
compacer believes in growing with its customers and is continually trying to understand changing awareness and the customers’ acceptance of blockchain technology. The company will continue to provide its proprietary product, edbic and edpem—a platform for data and process integration tasks and a process event monitoring system, respectively.