Intrachain: The world's first process mining software with integrated blockchain.
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Modern technologies are improving business processes by optimizing their operations, In this blog entry I will explain how Intrachain plans to optimize business process mining through blockchain technology, automation towards improving data management and business operation processes. This blog entry will take a look at process mining problems in the global business environment and intrachain solutions and the practicability of intrachain solutions in the next generation of businesses.
As a businessman, my business processes are mainly done manually because of the high cost of infrastructures needed to modernize my business operations, this means I manually process my data using my record books and Microsoft excel towards improving my businesses processes and streamlining them to my businesses model. When recording my data in the records books and Microsoft excel the data is scattered everywhere and management of the data towards execution becomes hard due to the organization of my data.
The data recorded on my records books and Microsoft excel is very important and hold the keys towards optimizing my businesses processes. The historical data needs an optimized process of application based on the records.
Intrachain is an innovative project that will move my business to the next level through improved information management at no cost, the technologies applied on Intrachain platform will allow my data to be applied on my business operations through a real-life process flow that is presented in graphical structural data, the platform details the processes compared to the current information stored on the distributed ledgers that will help me analyze my business operations.
Intrachain collects and records my customers and business behaviors and records the data on the blockchain, this information is then used towards intercompany services where the data is easily accessible allowing me to automate cost transactions with my clients and business partners.
My business operates in a modern digital world where the keys to my business success are recorded on the internet. The data on the intent can be used to optimize my business operations, automate my business and optimize my business operations. Intrachain is a very useful platform when it comes to process mining and will ensure my business operates in a healthy and balanced business environment.
Intrachain Technology.
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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.
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.
Problems of our global business world.
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Our business operations are becoming more complex as we become more globally connected, this means that business have a large quantity of data that needs to be processes in order to remain competitive. Intrachain will provide a solution to allow the automation of this processes as they collect accounting data from various sources.
Horizontal business relationships have brought about increased collaborations and partnerships increasing the needs of improved value chain where business can share resources between each other, to make use of the decentralized information business must equip themselves with modern tools that collect tis data and process it automatically to be applied in their businesses processes.
Currently collection of data is done manually and vertically, but the recent research as shown that the competitive nature of business and the increased cost of handling each business data research. Horizontal business relationships can be useful in business operations optimizations and also help reduce the costs of data collection and processing.
In a globalized business environment, we have seen businesses joining hands through mergers and acquisitions that have heterogenous business relationships and accounting systems. Intrachain will provide a solution by optimizing the processes between this parties through the use of smart contracts and automation of accounts keeping, and financial recording.
The Solution — Intrachain Business.
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I have illustrated the problems business face in the global world and intrachain I providing a solution to these problems through business empowerment by providing them tools that they will need towards automating processes mining especially in the accounting field in order to help businesses have effective and efficient accounting systems that comply with the law and optimize their business operations.
Intrachain solution relies on the ability to empower businesses by allowing them collect business data on the blockchain and use them to optimize their operations through automated record and transactions processing through the use of smart contracts in a process that is structured and can be used by systems connected on the blockchain.
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The blockchain stores the data in distributed ledger that can be used by companies connected on the blockchain, this data is structured and readily accessible giving all parties equal opportunities to access the same information towards optimizing their processes. Business powered by intrachain will be able to save costs that could have occurred when setting up centralized servers, through readily available infrastructure business will reduce manpower required to analyze data and also save them time through automation. Intrachain will also help minimize accounting errors and eliminate risks associated with human involvement in processes mining.
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Intrachain distributed ledger will also help in storing data in decentralized servers which are secure and free from hacking, exploits and data manipulation. The structural organization of the data in the distributed data base is timestamped and recorded on the blockchain in a historical structure that is helpful in tracking and monitoring transactions.
Conclusions
Intrachain process mining can be useful to business in today's modern business environment where businesses are more connected and operate in a horizontal business relationship. Businesses powered by intrachain will be able to perform data audits and analysis in an automated process in order to improve their operations.
Businesses need each other in order to remain competitive that's why we have seen horizontal businesses relationship rising through mergers and acquisition, the key lies in businesses being able to understand their environment behaviors. The data gathered should be analyzed using modern tools such as intrachain in order to be applied in our businesses.
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References.
Website: https://www.intrachain.io/
Whitepaper : https://static1.squarespace.com/static/5ac6a3c3cef3722cb1f252e5/t/5b23e8ec575d1f879e97036c/1529080131177/Intrachain_WP_1.2.pdf
Facebook : https://www.facebook.com/Intrachain-2072954366326228/
Twitter : https://twitter.com/intrachain
Telegram : https://t.me/intrachain
Linkedin : https://www.linkedin.com/company/intrachain/
Ann Threads BTT : https://bitcointalk.org/index.php?topic=4475625.0
Author: jamesndungu1
BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1856049
This is a great project! I like it.
How does Intrachain outdo its self from other companies offering the same kind of services??
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Hi @annbridget ! Actually Intrachain is one of a Kind project providing business process mining combined with blockchain technology to make reconciliation work obsolete, there is no other company offering the same services as Intrachain. That's the projects competitive advantage.
Wow! Thankyou @jamesndungu for enlightening us about Intrachain which services will be of great help to so many companies! I will check out the project on the links provided thankyou!
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You're welcome @annbridget :)