Rubix is an enterprise-grade blockchain made by global accounting firm Deloitte. Find out everything you need to know about Rubix today in our review.
What is Rubix?
Rubix, found online at RubixByDeloitte.com, is an enterprise blockchain made by Big Four accounting firm Deloitte. Also known as “Rubix By Deloitte”, the development team was initially founded in Toronto in 2014.
Rubix is more than just a blockchain. The Rubix team provides advisory services and builds decentralized applications (DApps) on multiple blockchain platforms for clients across industries. The platform originally launched in Canada and was catered towards Canadian enterprises, but has since expanded globally.
In June 2016, a portion of Rubix spun out of Deloitte – specifically, the custom Rubix kernel infrastructure build on Ethereum. Deloitte made the decision in order to focus on their core strengths, including DApp development and industry knowledge. Today, the majority of the Rubix team remains within Deloitte, where it continues to grow.
How Does Rubix Work?
Rubix aims to provide enterprise-level solutions to clients. That means clients get customized blockchain architecture they can implement in their organization. Rubix specializes in creating decentralized apps (DApps) using blockchain technology.
With that in mind, Rubix’s team provides two core services:
Advise: Rubix helps clients understand and prepare for a blockchain future.
Build: Rubix can build blockchain applications for enterprises and governments, along with tools for developers.
Obviously, a number of other companies offer similar services – but few companies have the name brand recognition of Deloitte, or the long history of professional service work.
Rubix takes advantage of all major blockchain technologies – including smart contracts. Smart contracts are obviously a crucial component of enterprise blockchain use. They’re self-executing, trustless, auditable systems that can dramatically affect the efficiency of a business.
Overall, Rubix provides support to enterprises in the form of advisory work, while also leading the development teams that translate ideas into concrete applications.
When launched, the Rubix blockchain was initially catered to four specific types of applications, including:
Reconciliation: Automate financial reconciliations between internal departments in a company or with trading partners.
Audits: Get real time assurance on components of financial statements and reduce the reliance on an auditor.
Land Registry: Digitize and decentralize a jurisdiction’s property deed transfers while eliminating the possibility of corruption.
Loyalty Points: Create a loyalty points program that is more cost-efficient and allows for added features and insights for customers.
Ultimately, Rubix’s services have extended far beyond the four above applications. These were some of the core targets when the platform was initially rolling out. Today, you can view a selection of Rubix applications at their official website here. New Rubix applications have included:
Financial Services & Insurance: Flood claims in insurance, corporate voting, and interbank fund transfers have all been built by Rubix.
Healthcare Platforms: Health data management and prescription fraud management have been created by Rubix for healthcare organizations around the world.
Supply Chain Platforms: Rubix has created a real-time loyalty points distribution and redemption program.
Who Can Benefit from Rubix?
Overall, Rubix claims that enterprises – including corporations and governmental organizations – can benefit from blockchain technology in the following four major use cases:
Does the use case require multiple participants interacting, each in their own best interest?
Does the use case require persistent data storage that all members can access and add to?
Does the use case require the transfer of valuable assets or sensitive data between members?
Does the use case rely on defined inputs and objective criteria leading to predictable process outcomes?
If the answer to any of these questions is, “yes”, then you may be able to benefit from blockchain technology, in which case you may want to connect with Rubix.
Deloitte is one of Canada’s leading professional services firms. The company is best known for its auditing, tax compliance, consulting, and financial advisory services.
Deloitte launched Rubix in Toronto in 2014 with the goal of bringing startup speed and enterprise reliability to the blockchain market. Rubix, according to the official website, “bridges the gap between the exponentially innovative nature of blockchain technology and the complexity of existing enterprise system environments.”
Rubix continues to be based in downtown Toronto.
Deloitte’s Rubix is an enterprise blockchain technology catered towards large corporations and governments. Rubix offers two core services, including advisory work (they’ll explain how blockchain technology affects the future of your company) and blockchain development (they’ll create decentralized apps on the blockchain to prepare your company for the future).
You can learn more about Rubix online today by visiting RubixByDeloitte.com.