MN8 TRANSFORMS BUSINESS PROCEDURES TO BECOME

DECENTRALIZED

Move business processes and credentials into a modular, peer-to-peer distributed ledger architecture.

DIGITAL

Establish digital credentials, recognize digital events, and digitally manage actions and transactions.

IRREFUTABLE

Leverage certified digital credentials tied to people, entities, devices and events in order to instantly validate each of them.

IMMUTABLE

Deploy the digital equivalent of notarized contracts in transactions, enhancing compliance and avoiding manipulation, disputes and potential for fraud.

THE BENEFITS OF SELF- SOVEREIGN IDENTITY

Self-Sovereign Identity (SSI) provides companies with independent, cost effective, easily accessible, instantly available and verifiable customer credentials in a digital format. SSI is particularly relevant in business processes such as customer registration and onboarding and validating parties in a Smart Contract for reliable and compliant business transactions. The trust established through SSI ensures that customer credentials always remain relevant and up to date, the gold standard of maintaining customer contact. Once established, customers are empowered to maintain their own Self-Sovereign Identities, eliminating costly maintenance or loss of contact. SSI also permits companies to legally and effortlessly seek the consent needed to access or share customer credentials.

Adopting the SSI paradigm ensures that customer data is decentralized and customers are given control over of the use of their credentials. It’s subtle but focused transformation that ensures customers that your company is committed to a guaranteed level of reliable business transactions and trustworthiness.

THE POWER OF SMART CONTRACTS

How do Smart Contracts benefit your business? Smart Contracts reside in a distributed ledger, meaning they are digitally distributed, immutable and extremely modular, thereby creating greater possibilities for efficiency. Executable pieces of code can be tailored within a Smart Contract to perform one function, and one function only, without impacting any other application in your network or back-end systems. Smart Contracts reside inside a blockchain, which means they can also be shared efficiently and reliably amongst all parties to a transaction.
If your business needs to implement and enforce a business rule with a 3rd party, and you don’t want to modify any of your back-end applications doing so, then Smart Contracts are a fit for purpose solution. Even better, if you need to implement multiple business rules under a multitude of different circumstances, with multiple 3rd parties who require further conditions amongst themselves to be met, then Smart Contracts offer you an immutable, irrefutable and easy to implement digital solution.

HOW THE COMBINATION OF SELF-SOVEREIGN IDENTITY AND SMART CONTRACTS ENHANCES THE DECENTRALIZED PROCESS PARADIGM

If a decentralized transaction in a blockchain requires access to a centralized system to verify credentials of a party, then its primary benefit is lost. This is why MN8 advocates the use of Self-Sovereign Identity - a decentralized credential exchange to verify the parties in a peer-to-peer transaction. This is a powerful combination and enables Smart Contracts to perform the way they were envisioned, in a distributed ledger, trusted by all parties and without the need for any backend system to act as an intermediary.

ABOUT US

MN8 is a technology start-up based in the heart of Stellenbosch’s Technopark. We are singularly focused on a unique vision to transform the way people and organizations transact digitally.

GET IN TOUCH

info@mn8.ee

MN8 Technology
23 Electron St, Techno Park
Stellenbosch, South Africa, 7600

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