Stratumn – Proof of Process Cryptographic Audit Trail Blockchain?
Stratumn is a proof of process technology designed to help companies and organizations “trust the millions of processes that connect our world”. Learn more about Stratumn today in our review.
What is Stratumn?
Stratumn is a Paris-based blockchain technology company launched in 2015. The company has been in headlines this past week for completing its €7 million Series A funding round – the largest such investment closure in the history of European blockchain companies to date. Some of the new investors added in this round include Nasdaq and Digital Currency Group (DCG).
Essentially, Stratumn’s service makes it easier for organizations to verify and audit the integrity of data used to make critical business decisions. It’s designed to make the international marketplace more efficient – particularly for companies that deliver goods and services around the world.
Thanks to Stratumn’s unique technology, businesses can share data and collaborate in a secure, verifiable way using the blockchain.
How Does Stratumn Work?
Stratumn’s system is based on Proof of Process (PoP) technology. This protocol allows any organization to securely collaborate with partners, customers, and regulators. All of these parties can work together through this protocol. The protocol ensures every step of the process is secure.
Essentially, Stratumn’s Proof of Process Technology removes the burden of proof, helping to bring confidence to business relationships. Instead of placing the burden of proof on the company or customer, for example, the burden of proof is decentralized. Authentication is transparent at every step of the way.
How Does Stratumn’s Proof of Process Provide Authentication?
Stratumn describes their Proof of Process as a way to secure the “who, what, when, where, and why” of each step in a cryptographic audit trail. Here’s how it secures each step:
Stratumn uses digital signatures, then integrates those signatures into existing infrastructure to securely record each participant’s action in each step in a process.
PoP “leverages powerful algorithms that allow us to create cryptographic proofs of our secrets”, explains the official Stratumn.com website. This allows organizations to prove certain things to regulators and partners without risking their privacy. Anyone can view the transmission of the data, but the data itself is locked behind private keys.
PoP uses the blockchain to establish a common timeline, guaranteeing accurate timekeeping at every step of the way.
PoP ensures you’re not putting the cart before the horse, so to speak. PoP ensures partners working together can be certain about the correct sequence of events. Just check the blockchain.
Cryptographic proofs only mean something on the blockchain. PoP allows users to transfer those cryptographic proofs to the digital world with legally binding documents and contracts.
Stratumn Key Factors
Overall, these features mean that PoP enables the development of powerful networks that offer the following features:
You can trace real-world processes in a way that anyone can replay the steps of the process to gain insight into key events and actors.
Stratumn makes it easier to comply with real-world regulatory frameworks, because each real-world process is mapped with the network timeline.
All personal information is shielded through Stratumn’s powerful encryption methods. Secrets can be proved without revealing sensitive or confidential information.
Responsibilities of participants are illuminated thanks to digital signatures across a common timeline, allowing accountability to be immediately established without the need for costly auditing.
Who Needs Stratumn?
Stratumm’s Proof of Process technology solves problems for many organizations across industries. However, the company has outlined specific industries that can particularly benefit from PoP.
- Capital Markets
Essentially, the industries that benefit most from PoP are the hyperconnected industries participating in the global economy, or industries that require intense regulatory oversight. Overall, PoP can benefit any industry where multiple parties frequently need to organize together or share data – so the technology can apply to virtually any industry.
Stratumn is led by CEO Richard Caetano and CTO Stephan Florquin. The company was born “from the friendship and professional collaboration” of the two, according to the official Stratumn website. The company officially formed when the two partnered with Epicenter podcast host Sebastien Couture (listed as “Technology Evangelist”).
Prior to working on Stratumn, Richard had written a book on bitcoin. He also built the initial implementation of Chainscript, which would later be used in Stratumn’s PoP technology.
You can view other key members of the team here.
To get in touch with Stratumn, email the company at [email protected]
Stratumn has been in headlines this past week for raising € 7 million in a new Series A funding round. That road was led by CNP Ventures, which is the venture arm of personal insurance company CNP Assurances. Other members of the road included Nasdaq, Digital Currency Group, and Otium Venture. The company’s last funding round garnered €600,000 in seed funding.
Stratumn is based in the 10th district of Paris, France.
Stratumn’s Proof of Process technology aims to change the way organizations collaborate, organize, and share information. It’s designed as a secure, blockchain-based way to authenticate data at every step of the process. Look for more information about Stratumn as the company’s platform continues to roll out over the coming months.