International Finance

ThinkSmart first to launch BlockAudit for workflow automation

In a traditional Saas environment the record of a transaction exists only on the SaaS provider's servers.

ThinkSmart, a leading provider of Business Process and Workflow Automation software and solutions, announced the launch of BlockAudit, built on blockchain technology, a first in the Digital Transaction Management industry.

In anticipation of increased compliance on SaaS providers, ThinkSmart has developed BlockAudit to provide an additional level of auditability and compliance on top of our industry leading compliant infrastructure. In a traditional Saas environment the record of a transaction exists only on the SaaS provider’s servers. BlockAudit will allow any workflow transaction and/or approval to be indelibly written to a network that includes client servers behind their firewall, under their control. Transactions are validated through consensus across the network.

Using smart contracts, BlockAudit allows workflow audit trail data to be seamlessly stored in the blockchain. BlockAudit’s private blockchain utilizes a system of record-keeping that is verified by a network of computers. The blockchain keeps a permanent record of all transactions, making it the perfect ledger for different actions that have taken place within a workflow.

“By making a private blockchain available to our customers and their industry groups, our SaaS-based workflow transactions are now independently auditable at a whole new level,” said ThinkSmart CEO Paul Hirner. “BlockAudit is an excellent solution for the financial industry as well as government and legal services, given the enhanced security and compliance levels it provides.”

Using BlockAudit, customers maintain full access to their audit trail data by participating in the network and hosting one or many nodes. Each transaction on the blockchain is verified by consensus, leveraging the power of the ThinkSmart TAP business network, making it highly secure and compliant. With a private blockchain, clients can preserve historic workflow transactions controlled by IT behind their firewall, while at the same time ensuring indelible transactions are cryptographically stored as part of a system of record across the network. Taking the financial industry for example, BlockAudit could be used to track audit trails as part of SOX Compliance requirements.

“Blockchain has the potential to disrupt the DTM Industry when it comes to verifying and managing transactions,” said Jim Lundy, Founder, CEO and Lead Analyst, Aragon Research. “ThinkSmart is one of the first DTM providers to put Blockchain technology to work in their platform offering.”

“Shared ledger technology is going to accelerate Digital Transaction Management adoption as immutable transactions are written across shared business networks. In the near future, this technology is also going to change how our clients sign contracts and manage contract workflows with much lower cost and greater validation, immutability and provenance than traditional solutions,” said Hirner.

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