Company Bio
Solution
Applied Blockchain proposed decentralising control and building the authorised signatory database on a private blockchain. Applied Blockchain delivered an end-to-end solution from ground-up, where the signatory lists are managed and shared via a smart blockchain contract. The platform was designed to reduce admin work for the user and to simplify the collating and editing of the database.The platform enables the following:
- Clients are able to create new signatory lists within minutes, and adding/removing individuals to multiple lists is a click-of-a-button away.
- A full, immutable audit trail shows what was changed and by whom – in real-time.
- Data is stored in a secure, private blockchain.
- The application makes managing external access to the signatory lists simple and GDPR compliant.
Outcome
Cygnetise’s successful implementation of their product to enterprises and startups has made processes more efficient, transparent and cost-effective.
Cygnetise clients now benefit from:
- Transparency
- Enhanced security
- Improved traceability
- Speed and Efficiency
- Reduced costs
- Fraud mitigation
With automated processes and a user friendly-interface, managing authorised signatory lists is simple and efficient. It also means that the data (signatory lists) are shared peer to peer through a decentralised distributed ledger, providing a much better digitised solution than utilising a 3rd party’s centralised database. The customers keep complete control of their own data.
