Algorythmix: Empowering Today’s Businesses With Blockchain Technology

CIO Vendor Blockchain is one of the most hyped next generation technologies that have come to the fore in today’s world of business. However, first and foremost requirement will be to make businesses understand the practical use cases of blockchain and disseminate the realizable advantages it gives over traditional methods; specific to their industry. As the deployment of a blockchain application is very contrasting than that of traditional application, businesses expect a solid rollout strategy and infrastructure requirements to run several nodes that are cleanly laid out.

Rising to the occasion by exclusively focusing on Blockchain technology, ALGORYTHMIX based in Mumbai handholds their clients throughout their journey in the adoption of Blockchain technology. Starting with consultancy services, the company conducts workshops to educate them on various aspects of the technology and then gradually works closely with the clients to discover the on-ground processes for the use case while evaluating the feasibility for a blockchain solution. The best part is that ALGORYTHMIX never approaches its clients to sell their solutions, but believes in the spirit of full transparency, i.e., they inform clients if a blockchain solution may be feasible or not for their line of business. After clearly understanding clients’ business and also making them perfectly understand the technology, all the processes are then modeled for the blockchain platform and the application is designed, developed and deployed with complete post-project support. The company develops their own automation scripts for making infrastructure deployment a breeze.

A unique Platform for Sharing KYC Documents
One of the first products developed by ALGORYTHMIX is Cetas in 2016. The platform allows for a multi node setup that enables sharing of KYC documents for (or any other) both inter and intra-bank. This platform has also won the most transformative use of blockchain - City Mobile Challenge APAC 2015. To name a few of its advantages, it significantly reduces overall KYC cost, provides better customer experience, and to top it off, KYC reuse can turn part of the cost in revenue. This platform can
find its successful use cases across BFSIs and other institutions where KYC is mandated by law. “We feel, it is easier to deploy this for a single legal entity with several isolated departments and then move towards a consortium of institutions,” explains Utkarsh Verma, Co-Founder & COO of the company.

The company conducts workshops to educate businesses on various aspects of the technology and then gradually works closely with them to discover the on-ground processes for the use case while evaluating the feasibility for a blockchain solution

Driving Value in Supply Chain through Complete Transparency
One of the featured products offered by ALGORYTHMIX is Supply Sense - a real-time track and trace platform which focuses on food traceability. It efficiently tackles the problem related to siloed systems and fraud by creating a blockchain layer that connects food producers, processors, distributors, exporters/importers, retailers and end consumers. Furthermore, Supply Sense follows best practices allowing direct ERP integration via APIs directly connected to blockchain nodes. Supply Sense can prevent any double spend/duplication of product as it uniquely maps every item - SKU, harvest, rough diamond, and meat - to a blockchain ID. Also, the same principles can be expanded to trace high risk consumable food products - seafood, certain vegetables (mostly leafy greens) - and high value goods such as diamonds, gemstones, arts and supply chains with very high QC requirements - cold storage of vaccinations.

“We are developing a low-code platform that allows enterprises to quickly setup and deploy blockchain applications at very low cost. The platform leverages our custom drag-drop interface allowing enterprises to customize solutions in areas such as e-voting, supply chain and corporate governance,” concludes Varun Agarwal, Co-Founder & CTO, ALGORYTHMIX.