‘WordPress of Blockchain’: Proxeus Wants to Simplify Decentralization for Traditional Companies
| Updated by Sofiko Abeslamidze · 3 min read
In the blockchain space Proxeus provides a flexible and compatible application-backbone that enables both traditional and crypto-companies to digitize and run their business processes.
Today the lucrative universe of blockchain technology and smart contracts is still only visible to parties that are running node or have an undetermined timeframe and sizeable budget to invest into a development of blockchain-enabled service as almost everything must be created from scratch.
As a vast majority of currently available tools and solution-systems run on legacy infrastructure, they are not able to interact directly with blockchains and thus fail to provide users with access to the abundant benefits of decentralized ledger.
Just like WordPress became an open-sourced world application for building a wide variety of web-pages, a Swiss startup Proxeus aims to create the first toolbox allowing anyone to use building blocks in order to create workflows that eventually will result into affordable blockchain apps. In this way, Proxeus delivers a supportive guideline for all entities who are willing to increase the efficiency of their business processes owing to blockchain.
The team has been developing the Proxeus platform for 2.5 years and now they are beta-testing and running their first trials. The project’s roadmap reveals that the first live applications will be running on the platform by the end of ongoing year, once the Proxeus team releases a public product.
However, by now there are several significant achievements of Proxeus innovative blockchain technology that wrought public attention to the platform. According to the recent announcement, Proxeus and its partners including IBM Switzerland, Canton Zug and Swisscom, have legally registered the very first Swiss company using blockchain technology. The event took place as part of the digitalswitzerland challenge, a joint initiative from several of Switzerland’s leading businesses aimed at driving digitalization efforts across the country.
The group said the idea emerged from the realization that an alternative to the current cumbersome, time-consuming and paper-intensive process of business registration needed to be introduced in Switzerland.
By shifting the entire process encompassing the entrepreneur, lawyer, bank, notary and commercial register to a digital workflow and Hyperledger blockchain and by utilizing smart contracts, the key steps can be processed instantly, drastically reducing the amount of time spent toward verification.
Antoine Verdon, co-founder of Proxeus, said:
“We joined this challenge because it offered a perfect proof of concept for Proxeus. The existing system was slow and inefficient. We have proposed a solution that allowed us to radically speed up the registration process by creating a parallel blockchain track, while still producing all the paperwork necessary to document and formally incorporate the company.”
Last month Swiss startup has signed an important partnership deal with data storage facility MOUNT10 that was described by the platform’s team as a key element in Proxeus’ ambitious goal. The above-mentioned partnership allows Proxeus to securely transmitting data encrypted on the client’s computer to an off-chain storage on MOUNT10’s server infrastructure therefore enables both accessibility and nuclear level protection.
Proxeus has recently completed a successful initial coin offering (ICO) where they raised $25 million over two days of ICO right before winning the Swiss Fintech Award for “Early Stage Startup of the Year 2018”. According to Proxeus, $10 million was raised by 20 buyers during the pre-sale, with the remaining $15 million being raised during the main sale from approximately 800 investors.
Despite the innovative approach held by Proxeus, the incentive to be a ‘WordPress of Blockchain’ has crossed the minds of other blockchain startups. The other day, Mumbai-based blockchain project Elemential was reported seeking to remove the pain of “blockchain administration” and save developers time by simplifying the process of building enterprise blockchains.
Sofiko is a freelance fintech copywriter at Coinspeaker.
With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.