INTRACHAIN (ICO REVIEW) - The World's First Process Mining Software with Integrated

brainerdpaul (-2)(1)in #ico • 6 years ago

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In this sea of inovation and new technologies i will be introducing you to a visionary project that come to life in the form of ICO's and today i am going to present you with one of the most promising ones on the market which is Intrachain and they have developed a platform which is integrating blockchain technology into behavior tracking.

ABOUT INTRACHAIN

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.

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.

PROBLEMS INTRACHAIN SEEKS TO SOLVE

Firms are characterized by heterogeneous financial systems, multiple, often incompatible IT landscapes, servers, and sorts of data. There is also higher complexity of accounting processes.

When aiming for a fast closing of the books, the process of inter company reconciliation is considered the most significant bottleneck of accounting practices. Common challenges that firms face with reconciliation are also late reconciliation, missing intragroup reconciliation, incorrect bookings, currency differences, and period variations. In theory, all of this could be circumvented if all intragroup bookings took place on the same day. If only fixed valid booking records were given, a large part of the incorrect bookings would be eliminated. Additionally, an automated solution could save costs, lead to faster closure of the books and provide accurate information for investment decisions.

SOLUTION PROVIDED

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.

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.

How does Intrachain actually work?

The process mining engine automatically captures relevant technical data and uploads it directly into the blockchain. Following smart contracts execute intercompany billing and booking fully automated.
Intrachain is cost efficient, provides better quality data than ever before, which leads to accurate intercompany transactions and higher data security.

BENEFITS

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