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#News(Startup) [ via IoTGroup ]
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Started by IIT alumni, Schrocken uses blockchain to bring transparency to e
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Auto extracted Text……Hence, industries are now increasingly using new-age technologies such as blockchain to reduce costs by capturing information flow with all stakeholders in the supply chain.
Blockchain allows them to maintain transparency, track products, and improve supply chain governance.
A blockchain is a digital ledger that can verify transactions at each stage with consensus from the entire ecosystem.
After spending two decades building enterprise applications, IIT-Kanpur alumni Sanjay Kuberkar and Yogendra Chordia decided to make use of this technology to address the challenges faced by many organisations across the world: integrating the fragmented ecosystems through blockchain.
Yogendra Chordia, Co-founder of Schrocken.
The San Jose and Hyderabad-based startup is an enterprise blockchain-powered SaaS platform that helps businesses collaborate with other organisations to enable cross-enterprise transactions in a secure and trusted environment.
“We help the pharma industry track vendors that manufacture different ingredients that go into the final product, and we connect the same to the regulators and financial institutions,” Sanjay says.
In August 2018, they began to use their software experience to build on top of blockchain because it offered, for the first time, a consensus mechanism among all parties in a transaction.
“With blockchain, ad hoc inspections can stop and save the industry millions of dollars in fines and regulatory compliances.
The inspection can be reduced simply because the blockchain has captured each and every transaction in the pharma industry,” Yogendra says.
Schrocken Co-founder Sanjay Kuberkar.
Schrocken is using distributed ledger technologies such as R3Corda and Hyperledger fabric to help companies build blockchains for the industry.
It is also combining IoT with blockchain to increase productivity of machines
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AutoTextExtraction by Working BoT using SmartNews 1.0299999999 Build 26 Aug 2019
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