Cros Is Launching to Streamline Collaboration Between Enterprises on Distributed Ledger
- In the midst of hypothetical decentralized solutions, Cros is a real world solution for real corporate problems.
- Cros is a cross-organizational platform designed to facilitate business process execution on a "ownership, trust, and control" foundation.
- A platform with a single source of truth across the participants and full traceability available for auditors and decision-makers in real-time.
- Due to this Protocol, businesses can collaborate and securely execute their business processes in a tamper proof manner without trusted intermediaries.
Singapore, Singapore--(Newsfile Corp. - October 29, 2021) - In efforts to leap towards realized mass adoption of distributed ledger technologies, Cros Network is launching to streamline collaboration between enterprises using distributed ledger.
While the global B2B e-commerce market size is estimated to reach $20.9 trillion by 2027, the industry still has a lot of operational shortcomings that would prove more inefficiency inching towards this growth; especially that business process collaboration will be tripled to $100 billion in the next five years.
A hefty 80% of government and enterprise resources are wasted in moving, aggregating, cleansing, verifying, and sharing data with other business entities and stakeholders. Revenue of enterprises is estimated to decrease by 27 to 40% as coordination costs increase proportionally with the degree of specialization. Retailers based in Asia alone lose around $40 billion annually, because of the prevailing reliance on siloed processes and no shared trust among enterprises.
The traditional view of markets and enterprises relies on a sequential thinking process, whether it is supply-chain or business value chain. The companies are slowly realizing that they are part of a larger network, not 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. Being a cross-organization network built on distributed ledger , tamper-proof and seamless, Cros aims to fill in these gaps.
"The solution we envisioned was an innovative cross-org collaboration and integration platform; a decentralized integration platform, into which small and medium businesses can collaborate and correctly execute their business process without the need for trusted intermediaries," says Cros' visionary founder Ajay Bhandari, who is also the former Google and Microsoft Chief Architect. "Cros translates existing collaborative process models to distributed ledger and ensures that the process is secure and is executed correctly. distributed ledger check compliance before changing state of process, providing a single source of truth to all participants and full traceability."
Bhandari had a vision to build a solution for challenges related to data exchange, complicated transformations, traceability and shared truth, and trust between parties. Therefore, Cros would be empowering enterprises to collaborate with ease, integrate with their IT infrastructure and Cloud ERPs, while preserving data guardianship and maintaining control.
Similar problems were solved within the enterprise (intra-business integration), utilizing databases, enterprise service bus and the ERP systems. Those same technologies and platforms are not enough for cross-enterprise collaboration, due to concerns about ownership, trust and control. The typical enterprise today runs on a centralized system. As they coordinate transactions between suppliers, vendors, business partners and regulators, 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.
This paradigm shift will be based on a completely revised definition of "ownership," "control," and "trust" - the hallmarks of the operational model of traditional business. distributed ledger technology can be the enabler of such a paradigm shift towards cooperative competition, or "co-opetition".
Behind Cros is a team of pioneers with 20 years of experience from Google, Microsoft, Oracle, Cisco, Deloitte, and EY that have banded together to make decentralized data and finance accessible to everyone around the world. Cros is the flagship project of Bussr Technologies, a leading Singaporean payments infrastructure platform for mobility companies. Bussr Technologies is partnering with best-in-class entities to build Cros and foster development of services and applications that will run on it.
Cros is the natural development evolved from the same ethos and philosophy of Bussr Technologies Ltd, with the aim to streamline collaboration between small, medium and large enterprises using distributed ledger. Cros' approach is from enterprise to distributed ledger, thereby easing out the familiar challenges of an integration into existing IT infrastructure.
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