Proxeus As The Wordpress Of Blockchain
What is Proxeus based on blockchain? Read on for a knowledgeable account on it. Here's the promise of the future.
What Is Proxeus In The World Of Blockchain?
Will blockchain technology be able to fix the soul-sucking tedium and cost of back-and-forth bureaucracy? It is believed to be done by the Swiss team behind a blockchain-based platform called Proxeus and this is just the tip of decentralization bringing down the pipe the components such as crypto identities becoming an accepted standard.
For the bigger picture blockchain’s vision is embedded in crypto identities opening up all sorts of additional opportunities ranging from a new wave of share trading and lending to frictionless identity verification.
As the technology remains nascent presently, with some fundamental challenges like those of efficiency and scalability, it is yet to overcome standing in the way of block chain’s much-touted transformative potential.
This is the reason why the team behind Proxeus takes what the co-founder Antoine Verdon dubbed to be “very pragmatic, very Swiss” approach to blockchain aiming to bridge the gap between, the old world of linear workflow processes and still be brave with the alternative reality where everything can be decentralized.
How Is The Blockchain Technology Implemented?
The major focus is on enabling the blockchain to be used to optimize single processes and workflows, where the first step to greater transformations is the team’s aim for the platform to be the WordPress of blockchain. Open source technology and platform are made freely available for anyone to use.
As the team has been developing the platform for the past 2.5 years, at this stage, they are beta-testing and running the first trials. Verdon comes hopefully of the first live applications running on the platform once they come out with a public product.
Publicly demoed in a prototype form under test conditions, one interesting use-case for their blockchain technology as an entry in the digital Switzerland challenge was a company registration system using digitized blockchain process radically shrinking how long the necessary administration takes.
According to Verdon, the traditional route for reregistering a company in Switzerland took an average of 10 days whereas the process takes as long as six weeks, the teams' proof-of-concept had delivered a demo of company registration taking less than two hours. Though it should be noted that they had been working up for a year collaborating with IBM and Swisscom on the project.
Reducing the time taken for company registration, Proxeus has created a digitized workflow for the entire multi-step process that is using blockchain to decentralize the steps, while combined with smart contracts enclosing and enforcing rules around the company creation, and thereby enabling all involved parties to be on the same page.
Proxeus was developed as a web interface for the prototype as all parties involved in company registration can log in contributing their pieces of work and giving their okay to the complete process without needing to know how blockchain works.
Thought as a bit of Swiss pragmatism: the Proxeus system enables blockchain refuseniks that participate as it allows for paper documents that need to be sent. Too many blockchain refuseniks/paper pushers though could reintroduce some friction to the process.
As Proxeus has worked with partners on company register example, it showcases how the bridging strategy works taking one process as well as digitizing it in a way that doesn’t change anything allowing all players jump into using blockchain hoping it develops into an ecosystem of users picking up the baton to figure out how blockchain works for them.
The first productive version comes adding that he also notes it would be just a beginning as getting involved needs to build on the MVP adding more and more complex cases. As there are many exceptions, it is involved in company registration where the soul suckiness of bureaucracy starts to creep back in.
For Proxeus ‘s wider blockchain faith by decentralizing business processes as it can at the very least allow information flowing more freely unlocking efficiency gains.
Enabling users to get their hands dirty, the Proxeus platform plays around with decentralized app building too as he touts a much cheaper and faster than traditional app development as well.
Verdon says beyond those near term, and fairly tangible benefits as businesses take the blockchain leap of faith playing around with what the tech can do for them via building blocks that Proxeus is offering while positioning themselves ready for the more transformative crazy models coming down the pipe, which is a consequence of mass adoption of blockchain-based decentralization.
How long the blockchain scales up to be able to deliver major scale process change won’t be predicted at any time. Though it is convinced that core tech has the potential to drive truly seismic shifts including at a societal level.
As the bio of Verdon on Proxeus’ team page says, he has been involved in crypto/blockchain space even included as an investor. He was formerly an investor in the YC-and Google ventures baked butter coin which for instance turned out as the startup which went bankrupt. Even with a solid core idea, the subsequent success of other Bitcoin exchanges such as Coinbase underlines the timing that is key to the investment.
Claiming better success investing in cryptocurrencies, he holds the Bitcoin despite recent downturns. This same unshakeable conviction is where Proxeus’ platform is founded on with the faith that many more believers will come.