Accounting, Logistics and Supply Chain management has been eyeing Blockchain since 2016. It’s fair to say that it is a natural fit for these ledger and accountability services to be some of the first blockchain use cases to be released. There however are still many challenges which showcase themselves in the current solutions and are quite costly due to the networks and blockchains currently available.
TOTAMS, in business since 2013, provides their clients with a fully integrated asset management and financial accounting system, servicing some of the largest transport and equipment suppliers in Southern Africa.
Having large corporations competing in this space, TOTAMS with its comprehensive asset management system, has a fully integrated complete financial platform which is interoperable with any standard existing financial platform. The Software is built on a modular basis using customized user friendly dashboards to make sense and process all valuable data which is the differentiator to their competitors.
However TOTAMS wanted to offer their clients even more. With that said, aligned with their vision of interoperability, it was only fitting to venture into a blockchain environment where the sensitive data managed by their platform should be more secure, accessible, traceable and trustworthy.
In their search for a suitable interoperable blockchain solutions platform, it became clear to TOTAMS that the current blockchain solutions on the market, costs of transactions, data transfer scalability, transaction speed, security and encryption are all factors which all blockchains are struggling with.
Most of the TOTAMS data transfers require digital identities, dynamic beacons to record omni directional positions, digitization of assets, digitization of time tracking and so much more. To process this data securely through a Smart Contract platform would never be feasible, let alone handle the number or speed of transactions. Currently most Blockchains and Tokens adhere to the ERC20 Standards of Ethereum which proved not an answer to the challenges which TOTAMS experienced in their search for a suitable blockchain solutions platform.
That was until recently, where TOTAMS got wind of a new and upcoming company Core Group, who has been quietly developing their Decentralized Software Solutions Platform based on a new and soon to be released Core Blockchain Network. One of the most important things to mention as per our previous statement and reasoning behind this article, is the challenges which any decentralized software solution is faced with, is cost and data transfers in a blockchain environment.
The Core Group has chosen their Blockchain network carefully to offer the optimal solutions and services to their clients.
The Core Blockchain Network which uses the ED448 Goldilocks encryption method and is the only Blockchain to date to have implemented this high level of encryption.
To ensure that the Core Group can process their transactions with speed, the Core Blockchain Network is based on PoW (Proof of Work) however it is ASIC and GPU resistant and is focused on IoT and CPU mining with a custom Algorithm. The network is aimed to use waste renewable energy with a last-in first-out approach to ensure that transactions costs stay at a minimum.
According to our sources, the Core Blockchain Network is currently in TestNet phase where Core Group is testing their decentralized software solutions platform. The Core Blockchain Network can process a verified transaction in less than 1 minute and has its own CRC Standard which the Core Group’s Core Token Smart Contract is built on.
Core Group having built their entire software solutions platform based on the Core Blockchain Network joining forces in a partnership agreement with TOTAMS is a game changer in the tracking and tracing of supply chain, asset management and accounting sphere. For the future we will see the blockchain functionality of the Core Group-TOTAMS JV platform pave the way for the development of multiple new application scenarios in supply chain traceability, like product certification, deep traceability and cross-business tracing of products and services. It is times like this that we at CCNEWS24 are proud to see such innovative companies helping each other move into the decentralized trusted future.