Blockchain evangelists have often praised the technology, hailing it as the solution to the excessively complicated administrative procedures that pilot most companies, banks, and even governments. However, full-scale implementation of blockchain tech still seems elusive as lingering challenges such as energy efficiency and scalability are yet to be solved.
Commonly dubbed the “WordPress of the blockchain”, Proxeus, a Swiss-based company that deals with workflow engine and document generation hopes to end the problem of back and forth bureaucracy with decentralization. With the help of blockchain tech, Proxeus lives up to its “WordPress” title by providing companies (both tradition and blockchain-based) with efficient application platforms that allow smooth running of their business processes without the need or knowledge of coding.
“Blockchain is going to change the whole way we organize ourselves, the whole way we build software, the whole way that even democracy works — and the whole way societies are organized.”
Verdon also added that “the impact will be quite deep and eventually really powerful, but in the first step it’s just another digital technology bringing efficiency to businesses.”
This blockchain enthusiasm trickles down to the company’s vision as they foresee a future where everything is decentralized. To bring this dream to fruition, Proxeus is taking the first step, by enabling the blockchain to handle and optimize business processes and create workflows that will eventually result in affordable blockchain apps or Dapps.
The Proxeus platform has been in development for 2.5 years. Currently, they’re in the process of beta-testing and running trials. Despite the company’s relatively young age, it has some impressive accomplishments worth noting.
In February, 2018, Proxeus announced and signed a very crucial partnership with MOUNT 10, a data storing facility. This partnership will provide Proxeus and its clients with full-proof protection and accessibility by allowing the company to securely transmit encrypted data from a client’s computer to an off-chain storage on MOUNT10’s server infrastructure. It was described as a critical component necessary to achieve the company’s ambitious objectives.
To help fund the Proxeus project, the company started and completed a successful ICO (Initial Coin Offering). It was able to gain about 800 investors and raise a total of $25 million. The startup also clenched the Swiss Fintech Award for “Early Stage Startup of the Year 2018.”
More recently, Proxeus was in the news again when it was announced that the company and its partners (IBM Switzerland, Canton Zug and Swisscom) were able to legally register a company on the blockchain in a record time of less than 3 hours instead of the convection period of 4-6 weeks. This remarkable achievement was made possible by utilizing smart contracts and combining blockchain technology with the commercial registry and the current banking system substantially reducing the time needed for verification.
Proxeus co-founder Patrick Allemann was delighted with this breakthrough and expressed hope that this achievement would bring more opportunities, allowing their blockchain solutions to venture into other multifarious transactions like share restrictions, partnership agreements and powers of attorney.
Co-founder Antoine Verdon had this to say:
“What we demonstrated today is that without any legislative change, traditional paper-driven, highly iterative processes can be transferred to the blockchain securely and effectively, increasing efficiency and dramatically lowering costs. But incorporating a company is only the first step: by tokenizing company shares and connecting them with crypto-identities, we will be able to automate entire areas of corporate law and financing.”
This achievement was accomplished at the Digital Switzerland Challenge, organized by leading Swiss businesses aiming to promote digitization efforts, innovation, and discovery across the country.
Based on the Proxeus roadmap, live applications will be available on their platform by the end of the year after the team releases a public product. Despite these positive developments, Proxeus isn’t the only company vying for the “Wordpress of blockchain” title; competition in the form of a Mumbai-based startup, Elemential has arrived. Elemential also plans to help developers and other companies simplify the process of building enterprises on the blockchain by eliminating the pain of “blockchain administration”.
Whether or not Elemential is capable of giving Proxeus a run for their money is yet to be seen.