INTRACHAIN - The World's First Process Mining Software with Integrated Blockchain
PREAMBLE
A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, Intrachain, the world's first process mining software with integrated blockchain has arrived. Compatible with all IT infrastructures, Intrachain centralises and streamlines your intercompany accounting, reducing your costs and increasing productivity.
"Mining is the process that helps the cryptocurrency function as intended and what continues to introduce new Bitcoins and other currencies to digital wallets all over the world.
Collecting cryptocurrency can be boiled down to a simple premise: “Miners,” as they are known, purchase powerful computing chips designed for the process and use them to run specifically crafted software day and night. That software forces the system to complete complicated calculations, imagine them digging through layers of digital rock. If all goes to plan, the miners are rewarded with some Bitcoin at the end of their toils.
Mining is a risky process though. It not only takes heavy lifting from the mining chips themselves, but boatloads of electricity, powerful cooling, and a strong network connection. The reward at the end isn’t even guaranteed either, so it should never be entered into lightly."
With that being said, the Intrachain platform combines a process mining engine with a decentralized database. Intrachain hereby focuses on the collection of data traces on systems and the storage of tamper proof data in the blockchain.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is INTRACHAIN?
As said earlier, Intrachain is the world's first process mining software with integrated blockchain. Compatible with all IT infrastructures, Intrachain centralises and streamlines your intercompany accounting, reducing your costs and increasing productivity.
Furthermore, Intrachain will power the next generation of businesses and provide the tools needed towards automating process mining through Intrachain private which gives the same information and data to business in a decentralized environment.
Intrachain technology contains two main components, the process mining engine and the Ethereum blockchain: the process mining engine collects data from business in a value chain and distributed it on the blockchain, the Ethereum blockchain is used to process the transaction through the use of smart contracts and equips businesses with the data recorded on the blockchain on private businesses application layer.
The Problems
Inefficiency
In today’s business world, 90% of companies manually reconcile using MS Excel spreadsheets, a technique that is considered highly inefficient.
Human error
The next problem companies face, is human error. Manual reconciliation is a technique that has also proven to be prone to human error. As management calls for faster closure, finance teams are facing a trade-off between speed and accuracy, leading to accounting errors and certain open or unreconciled items being carried forward.
Inaccurate data
Subsidiaries and business divisions are often separate legal entities operating with a high degree of autonomy across dispersed geographies, sometimes operating in multiple currencies, in different time-zones, and using different accounting systems. Insufficient Intercompany Accounting (ICA) practices can have financial costs due to inaccurate reporting, or because strategic or operational decisions were based on inaccurate data.
The Solution
Intrachain has developed the first process mining software with an integrated blockchain for intragroup cost allocation and transactions, which can avoid the flaws of manual reconciliation processes as performed by many large corporations to date and can satisfy the demand for automation.
Integrating blockchain technology into this process mining engine is the pivotal solution for companies to keep track of their cost transaction accuracy. With the Intrachain Token, they can from now on guarantee save, transparent and accurate cost allocations and transactions within their subsidiaries.
Intrachain’s process mining engine is thereby collecting all needed data and transactions at its source from the operative provider IT system of the customer. Then, the relevant data are transformed automatically into smart contracts on the blockchain. In a next step, these smart contracts are executing account keeping, booking and payments via the Intrachain Token.
The Features
Automated
The Intrachain system is designed to perform automated accounting transactions at all stages of the business process, starting with input of user data and ending with consistent data in the accounting systems of several subsidiaries. The automated processing of these data and their reconciliation happens real-time.
Offers smart contract functions
To fulfill obligations at stated within a contract, Intrachain offers a reliable tool in the form of smart contracts. This electronic form of meeting the terms of the agreement signed between two parties has the advantages to ensure the reliable performance of pre-agreed terms.
Avoids tampering
Guaranteeing that the information between the companies stays secure and cannot be manipulated at all stages of the process is extremely important for the execution of services and the establishment of trust between the counterparties. An information system that operates on the basis of the non-manipulable data storage of the blockchain removes the possibility of a modification of the data or an error, which increases confidence and reduces execution costs of the contract.
Keeps data traceable
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 system, which uses smart contracts, allows implementing such a mechanism that offers the possibility to trace the entire path of data and financial information through a chain of contracts.
Enables decentral saving for multi legal entity access
Intrachain provides companies with a distributed storage of transaction data with equivalent access for each of the involved companies. Technically, data of all transactions are stored on each node of Eth, but each company only has access to data on its own contracts.
Compatible with different ERP systems
Intrachain adds a software API to its own work procedures, such as billing, payment, or reconciliation of data in the contract. Intrachain’s API can be integrated with any ERP system by creating a software adapter that acts as an interpreter with the Intrachain API in the ERP system.
Low transaction costs
Intrachain achieves cost reductions due to several technical factors:
The first factor is the reduction of labor costs (compared to the traditional interaction of financial systems companies), since manually entering data into various systems the project management system, ERP system, or accounting system becomes obsolete for each party of the contract.
The second factor is the automated processing of reconciling accounting documents in the contract. As of today, this procedure still takes a lot of time. With the use of blockchain, this procedure can be performed automatically and therefore faster.
As a third factor, costs of data loss or intentional data changes are reduced. In traditional systems, system administrators spend a high amount of time and effort to find errors or recover lost data. With Intrachain, risk of loss or deliberate modification of the data is practically absent.
Intrachain Technology
Intrachain: Smart Contract Execution
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Intrachain is powered by blockchain technology giving businesses the tools they will need towards automating processes mining, they include the smart contracts that will be used towards processing transactions on the platform.
The business transactions include, processing transaction from another chain or receiving transactions from another chain. The smart contracts will be used to transfer information and financial transactions from one chain to another.
Token and ICO Details
Intrachain will use an Intrachain Utility Token (IUT) that represents ac cess to the Intrachain ecosystem. The Intrachain Token IT operates in a private blockchain to run transactions within the Intrachain eco-system. This kind of smart contract is made per customer interaction. Intrachain mainly operates with two types of smart contracts. The first type works in a public Ethereum blockchain to operate with an IUT public token (Intrachain Smart Contract). This type of contracts describe how to buy, sell and convert IUTs into private tokens. The second type (Intrachain Private Smart Contract) works in a private blockchain to run transactions within the Intrachain eco-system with a private token that is equal to the public IUT. This kind of smart contract is made per customer interaction.
The owner of public IUTs can become an Intrachain client by signing a contract. As soon as the new client wants to use the service, a pair of smart contracts is created. One for the public Ethereum blockchain and one for the private blockchain correspondingly. Intrachain clients use the public smart contract to prepay the usage of Intrachain. IUTs transferred to the client’s public smart contract are processed and converted into private tokens. Intrachain clients will use their private IUTs to pay for their transactions. All transactions are made via the private blockchain and each transaction can have (or not have) an additional fee for the Intrachain team and miners in private coins.
Token Details
Token Name: Intrachain Token
Stage: Ethereum
Token Token type: Utility Token
Token contract: ERC-20 token
Public Sale Metrics
Token price during public sale: 0.000917 ETH
Token price: 0.12 EUR
Soft cap: 3 mn EUR
Hard cap: 12 mn EUR
Bonus Structure
03.12 - 04.12 = 20% Bonus
05.12 - 06.12 = 10% Bonus
07.12 - 08.12 = 5% Bonus
Token Distribution and Use of Proceeds
ROADMAP
Meet The Incredible Founding Team
Meet The Amazing Core Team
Advisors
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
Website: https://www.intrachain.io/
ANN Thread BTT: https://bitcointalk.org/index.php?topic=4475625.0
Facebook: https://www.facebook.com/Intrachain-2072954366326228/
Twitter: https://twitter.com/intrachain
Telegram: https://t.me/intrachain
LinkedIn : https://www.linkedin.com/company/intrachain/
Author: TheMichaelMatch
My BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1326035
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.
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