Using the power of blockchain with Telindus
Blockchain technology is a real game changer for businesses as it enables new forms of trusted collaboration that enhance productivity, quality & security. Frank Roessig, Head Cloud Apps, Data & AI and Mathis Baden, Cloud Solution Architect at Telindus, takes us through this new world.
Blockchain is be the perfect solution for the logistics, stock and supply chain management. Indeed, on a blockchain where members share each other’s information, parties can see instantly at what lifecycle stage a product is or where it is located. Because the information on a blockchain is open to members with the correct access key, someone who, for example, purchased an industrial component would easily follow the entire value chain, from production, distribution, usage, maintenance through to retirement.
We have built TraceChain, a Telindus’ blockchain-based supply chain application that provides traceability for any type of physical item. Moreover, we have also built a version for IoT that can for example be used to trace the temperature, vibration, humidity, etc. of fresh goods via LoRa devices.
CODIPRO and Telindus create an innovative tracing tool based on the blockchain
Telindus has implemented such a TraceChain with a CODIPRO that produces articulated lifting rings. This is highly important safety equipment for which traceability, subject to strict standards, is essential. With the CODITRACER project, the company’s objectives were to ensure Component traceability, Document traceability, Product authentication, document Accessibility, environmental footprint Reduction, as well as market knowledge Improvement.
CODIPRO now has a tool at the forefront of technological innovation, CODITRACER, which ensures the authentication, traceability and immutability of the information relating to its lifting rings. The solution is accessible through two interfaces:
"Thanks to Telindus’ blockchain platform, we can store and transmit information about our products in a transparent, secure and tamper-proof way. Today, we have a tool that meets all market expectations, whether in terms of traceability, authentication, document management or environmental footprint" CHRISTOPHE LOSANGE - Director of Codipro
One other application is notarization. Telindus has built the first European notarization log chain for the Luxembourg government. It is operational since 2018. Instead of having to send back full force paper, you have a trusted source based on hashes of a notarized document. The notary still authenticates the document, but once he has evidenced it, he uploads a few hashes on the document and anybody who wants to verify a document copy just has to compare the hashes to validate its authenticity. The advantage of that chain is that it significantly reduces the notarization log costs; a clear ROI.
Other blockchain use-cases Telindus works on comprise transaction optimization (payments, trade finance, capital market securities), Distributed-KYC, Multilateral Reconciliation, charge-per-use systems and secure document sharing.
“Through our hands-on blockchain applications, we streamline workflows, improve productivity and enable innovative collaborative processes” states Frank ROESSIG, Head of Cloud Apps, Data & AI at Telindus.
Etherna - blockchain made simple
Etherna is the platform that allows simple and transparent use of Blockchain technology for any application and process integration. It guarantees faster transactions, reduced costs and greater compliance with GDPR directives.
In addition to API interfacing services, Etherna offers products designed to certify documents (b-cert), perform secure on-line voting (b-voting), certify a chain or a production process (b-supply) and sign documents (b-signature).
Blockchain as a service
Etherna simplifies the usage of blockchain technologies and offers an easy way to integrate Blockchains with any customer applications by guaranteeing full application compatibility and interoperability with the client’s existing IT system.
Services are available via dedicated APIs, which speed up the working release for system integrators and allows end users to be independent by using Etherna.
Etherna currently supports 4 blockchains: Bitcoin, Ethereum, Litecoin and SideChain Etherna.
Etherna Sidechain is a new cutting-edge blockchain based on Hyperledger Besu and Ethereum protocols. Sidechain allows sharing a “cost-controlled” blockchain infrastructure with other Partners, while ensuring high immutability through periodic synchronisations on the public Ethereum blockchain via the Etherna interoperability bridge.
In addition to API interfacing services, Etherna offers products designed to certify documents (b-cert), perform secure on-line voting (b-voting), certify a supply-chain or a production process (b-supply) and sign documents (b-signature).
b-cert allows obtaining a registration certificate on the Blockchain for files of any type. It is a notarisation system that helps guarantee the existence and unchangeability of specific digital content from the date it is registered as well as the ownership of the information.
b-voting is an innovative electronic voting system integrated with all the electoral management procedures: system set-up, distribution of credentials, voting, collection of ballot slips, preference counting, result publishing.
b-supply is the innovative system for process tracking and management via Blockchains. It records in a permanent and immutable state the timeline of the manufacturing process by using Blockchains and the inner application of Smart Contracts. It is a valid help to perform quality control on the production chain and limiting counterfeiting risks, protecting the authenticity of the products and the integrity of the processes.
b-signature, thanks to Ethereum and the elliptic curve cryptography techonology, ensures document integrity certification, creation date and versioning. Moreover, it guarantees identity certification of one or more signers and it ensures safe and secure application of “signature” on document.
Tomorrow Street Scaleups enabling business transformation
Founded in 2017, Tomorrow Street is a joint venture between the Vodafone Procurement Company and Technoport. The award-winning global innovation centre hosts and supports the next generation of strategic suppliers to Vodafone, and is a technology hub that attracts entrepreneurs and talent to the fast-growing tech sector in Luxembourg.
Tomorrow Street focuses on scaleups with innovative, business-ready, and scalable technology. Several of Tomorrow Streets scaleups have technology use cases that enable companies to transform their business, with the implementation of blockchain or using data analytics to fight financial crime and cyber-attacks in the financial sector. These use cases, and companies are introduced below.
Block Gemini is a technology solutions agency based out of Dubai, UAE. The company supports enterprise digital transformation with a core focus on blockchain-based solutions and emerging technologies. Block Gemini has supported multiple large enterprises in the real estate, logistics, and procurement space, helping generate value for their businesses using blockchain, capturing market share by deploying SaaS-based products.
Their product, soon to be launched will transform how commercial contracts are created and managed between procurement partners. The solution will enable real-time collaboration between buyers and suppliers while authoring, negotiating and reporting against SLAs, KPIs, and pricing rules. Using blockchain and smart contract protocols, the entities will save millions annually on operational costs, dispute resolution and value leakage.
Quantexa Contextual Decision Intelligence platform makes data more meaningful by connecting billions of data records to provide a single, enterprise view of data, enriched with the network of relevant, real-world relationships. Delivering solutions that are transforming how its clients are gaining more value from data and analytics, in March 2018, HSBC launched their Global Social Network Analytics platform powered by Quantexa, to tackle financial crimes like money laundering, human trafficking and terrorist financing. Using entity resolution and network analytics, this provided a comprehensive view of the bank’s customer activities and relationships. Quantexa’s technology continues to help other data-driven enterprises, like Standard Chartered Bank, identify illicit activity and prevent financial crime.
SecurityScorecard is the global leader in cybersecurity ratings and the only service with over a million companies continuously rated, SecurityScorecard works with a variety of companies and industries. RMS, a provider of models and solutions to help insurers, financial markets and corporations manage risk, approached SecurityScorecard to implement a more effective security program.
The partnership achieved the following results: Rapidly improved RMS’s security posture via actionable insights gained through SecurityScorecard self-assessment tools and Score Planner. Reduced time needed to complete vendor risk assessments. Increased the accuracy of RMS risk models for underwriters, brokers, and insurers by adding additional context and enrichment to risk analyses. Demonstrated momentum and acceleration of risk mitigation helping RMS' CISO make a business case to get additional funding commitments for security operations at RMS.
If you are interested to learn about more Tomorrow Street’s portfolio companies and the use cases detailed in this article please contact email@example.com for more information. Website: www.tomorrowstreet.co LinkedIn: Tomorrow Street