In order for crypto to be adopted by the masses, organizations needs to take initiative. Intermediaries, arbitrary fees, and above all data security were all things on Satoshi Nakamoto’s mind when they decided to disrupt the financial system and decentralized it. That was in 2009 - the crypto industry now is still arguably in its infancy stage, struggling with regulation and awareness. Just like we’re seeing with climate action, crypto won’t be nearly as adopted by the masses as it should unless big organizations step in.
Intermediaries, arbitrary fees, and data security are also pain points at the forefront of the current organizational resourcing systems. 80% of government and organizational data are wasted in moving, aggregating, cleansing, verifying, and sharing data with other business entities and stakeholders.
Trusted intermediaries to mediate and control execution of inter-org business processes alone cost organizations a few arms and a leg. Cross-org collaboration leads to time consuming and costly audit and compliance processes riddled with conflicts of interests and regular scandals. Coordination costs increase with the degree of specialization, thereby limiting the degree of specialization. These factors result in an estimated loss of revenue 27-40% for small to medium sized organizations.
As it stands, the traditional ERP providers are expensive and don’t guarantee cross-org privacy. Because of the prevailing reliance on siloed processes and with there being no shared truth among organizations, those based in Asia alone lose around $40 billion every year.
Blockchain solutions can dismantle challenges related to data exchange, complicated transformations, traceability, shared truth, and trust between parties.
Inspired by Satoshi’s revolution, a group of software developers in 2018 gathered in a chatroom on Telegram and brainstormed names for their movement; an empire of new-breed financial services that would be automated, built on a blockchain and defy all that traditional finance stood for. DeFi, an acronym for Decentralized Finance, is exactly what the name suggests. These software developers, led by Ethereum’s founder Vitalik Buterin, decided to take almost all financial models and address their weaknesses and socio-economical shortcomings with the power of decentralization and all the perks that come with it.
You’ll find lenders on DeFi, exchanges and even lotteries! Now, even artists have found their way into DeFi and are making a fortune out of it - so it’s clear to see how organizations, big and small, can benefit the most out of the decentralised world - and even give back to the crypto ecosystem.
Cross-organization collaboration and process execution is critical to the business value chain - but it relies on authorized 3rd parties to mediate and control execution. Despite the global headlines about the ground-breaking technology of Blockchain, it is far from reaching true mass adoption in the small or large organisations.
Cros Network is a cross-organizational platform designed to facilitate business process execution on a “ownership, trust, and control” foundation. In efforts to leap towards realized mass adoption of blockchain technologies, Cros is launching with a view to streamline collaboration between organizations using smart contracts on an independent blockchain. Cros aims to trigger the global, mass uptake of decentralization with a pioneering cross-org collaboration and integration platform.