With passing time, digital users are increasingly being impacted by non-transparent data tracking procedures and inaccurate information, and they are often unaware of this. This lack of data tracking transparency proves more consequential for businesses because they highly rely on this data to make important financial decisions.
If there is any inaccuracy in the data, the companies can suffer from serious fines, loss of shareholder trust, and wrong decision-making. Intrachain is an effective solution that aims to solve these major setbacks involved with user behaviour data.
Intrachain – Securing and Strengthening Digital Privacy
Intrachain has developed the world’s first process mining software, which is integrated with blockchain technology. It envisions to make data collection easier, reduce the cost of transactions, eliminate human errors, and optimize the overall database quality. The platform has initiated its token sale on December 3rd, 2018 and will last till December 30th, 2018.
In order to obtain a better analysis of the data trails, the mining process of Intrachain generates comprehensive data about the user’s behavior. The collected data is then transmitted to the Intrachain Blockchain where the data is stored securely and transparently in a private blockchain.
How Does Blockchain Help?
One of the prominent potentials of this transformational technology is that it eliminates the inefficiencies associated with transactional processing. In fact, the technology is continuously surpassing many database solutions as it is not stored in a centralized location or managed by a single unit. Blockchain is a decentralized and automated system that strengthens the Intrachain platform by offering the following benefits:-
1. Optimized Data Security
Presently, it has become imperative to assure users that their vital data is safe and secure, and is being used for rightful purposes. This assurance is what generates trust between users and online entities. The conventional ERP systems that manage data security is not adequate enough to provide optimum data security to the users. However, blockchain offers a distributed and encrypted data storage in dependent blocks, thereby completely eliminating the possibility of data errors.
2. Automated Processes
The transactional data is stored in an external distributed database, which ensures that the process is executed automatically and in real-time. Moreover, with no human interference, it ensures that no data is lost and each process is documented. Blockchain allows individuals to perform automated transactions while offering maximum transparency to both, sender and recipient.
3. Smart Contracts
To authenticate transactions, blockchain offers a reliable tool, denoted as smart contracts. A smart contract basically is an electronic contract that states the premises of a particular transaction. It also ensures that all the pre-determined agreements of a particular contract are adhered to before any transaction is processed. This further strengthens the reliability and security of the overall transaction.
4. Low Transaction Costs
Blockchain achieves cost reduction in many ways, including
- It reduces labour costs since there is no requirement of manually entering the data into various systems.
- There is an automated processing of reconciling accounting documents within the smart contract, which eliminates the need of a third party.
The platform has initiated its token sale on December 3rd, 2018, which will continue till December 30th, 2018. Presently Intrachain has offered 109,722,222 ICT tokens for the public sale and the soft cap is valued at EUR 3 Million.
Intrachain- Offering Unparalleled Data Security
To sum it up, Intrachain is a blockchain-based software that collects the data present in a computer system and stores it via a secure and tamper-proof mechanism. Moreover, being a blockchain based platform, the integration of smart contract enables automation of accounting processes and further reduces the time and optimizes the efficiency of these transactions.
For more information, visit https://www.intrachain.io/
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