A blockchain-based asset control solution organising and coordinating three-party (donor - service provider - end customer) contractual engagements. Vouchers system incorporates smart contracts and automates document flow, reducing overheads for all the parties involved.
It is hard to think of money spent worldwide to liaison and control and control the third party service providers. Things get worse, when any vendor or contractee uses grants and government subsidies to pay for delivered services to third parties. It requires a lot more effort and document circulation to comply to numerous norms, standards and regulations.
Understanding this complex context, a startup company required EnCata, whether there is an opportunity to resolve these intricacies of working with grants and donor’s money and reducing costs and time spent on maintaining document circulation with advances software<
After putting down all the requirements, we suggested to implement a blockchain-based solution, which enables smart-contracting on-a-fly, connecting three layers of users: donors, contractors and subcontractors. The proposed concept uses a tokens, which can are somewhat equal to the existing currency, however, can be spent only within a given ecosystem.
Subcontractors get paid by these tokens, while the grantee uses no real ‘cash’ in transactions for goods and services. Subcontractors, in turn, can exchange these ‘tokens’ for ‘hard currency’ at a grant fund, which issued tokens. All the intermediate ‘token’ transactions between grantees and subcontractors proceed with smart contracts are put in place, leaving no loopholes for misuse of public money or grants.
Overall, this project is a good demonstrator of EnCata’s capabilities to deliver innovative software within highly regulatory environment.The system MVP went on successful tests and proved to work both with grants and as part of procurement enterprise system.