How Cros can empower enterprises to collaborate with ease, integrate with their IT infrastructure and Cloud ERPs, while preserving data guardianship and maintaining control.
Be it supply chain or business value chain, the traditional view of markets and enterprises relies on a sequential thinking process. Companies are slowly realizing that they are part of a larger network, not merely a link in a chain. This demands an ecosystem approach to resource planning, business process execution and collaboration between the various nodes of the network.
What are we on about? We are witnessing the biggest technology humanity has ever seen since the internet came about, in fact even larger than the internet, and we believe enterprises regardless of the size could have a big slice of the pie. Intra-business integration, utilizing databases, enterprise service bus and the ERP systems were once upon a time the MO of any enterprise in the digital age. What if we tell you that these technologies and platforms are outdated and not enough for cross-enterprise collaboration, due to concerns about ownership, trust and control; all of which Blockchain solves.
Enterprises today are run on a centralized system. As they coordinate transactions between suppliers, vendors, business partners and regulators on the centralized system, it is difficult to come to a consensus on building, running and operating a cross-enterprise collaboration solution while addressing ownership, trust and control issues.
There are countless challenges to this system that have been compiling since the beginning of ERPs in the 1960s. Each party requires an exchange of an extensive level of information. Not to mention the plethora of challenges related to data exchange, complicated transformations, shared truth, trust between parties etc. Each party has no other option than to depend on authorized third parties to mediate and control execution of inter-org business processes.
This is not the case for companies interacting on a distributed ledger. A decentralized integration platform will unlock collaboration between SMEs and their business partners in a way that would correctly execute their business process without the need for intermediaries. Cros is a platform with a single source of truth across the participants and full traceability available to auditors and decision-makers in real time.
Cros is a Layer 2 (L2) protocol, the second layer of the Open Systems Interconnection (OSI) Model, which is the data link layer. L2 is where data packets are encoded and decoded into actual bits. It is the protocol layer that enables the transfer of data between adjacent network nodes in a network segment, such as a local or wide area network.
A smart contract is a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement. This L2 protocol translates existing collaborative process models to smart contracts and ensures that the process is secure and is executed correctly. Smart contracts check compliance before changing state of process, they also provide a single source of truth to all participants and full traceability.
Cross-organization collaboration and exchange of process data is a key part of any supply chain. Decentralized alternatives can provide tamper-resistant process execution and coordination while preserving data guardianship and maintaining control over their respective responsibilities within the process.
The whole idea is to connect all parties on one blockchain, tamper-proof and data-safe, easing out the familiar challenges of an integration into existing IT infrastructures.