.png){kind=logo}
Trakti is a unified no-code platform for smart, self-executing, and compliant contracts running on both private and public blockchain. The company focuses on building trust between the parties by giving them an environment where all back-office operations of contracts are automated, thanks to smart legal contract use and the functionalities of the contract lifecycle management platform. In addition, the contributions of the blockchain integration have been immense since all the changes and contract versions are immutable and always accessible. This way, the customers can have self-executing contracts that they can always rely on.
Its platform supports both traditional contracts and smart contracts with a complete end-to-end, compliant process. With Trakti, the customers can streamline master contract and executive contract operations, documents and data notarization, clients and vendors onboarding, bid and tenders management, treasury management, supply chain certification and finance, and many other processes in the public administration, financial, insurance, and real estate markets.
Trakti offers all the tools needed to simplify the acquisition, negotiation, and execution of contract flows. It manages all corporate and client contracts in a unique, complaint, and secure platform. Furthermore, it also offers integrated KYC and AML checks, payment automation, and many third-party services that empower business operations, back offices, and legal functions.
Trakti is designed to help the customers create, run, and easily manage their deals online by optimizing the entire lifecycle of contracts, leveraging blockchain technology. The company believes that the professionals who currently use email, word documents, or the standard CRM systems need a simple solution that can be easily customized according to their business domains. It might take even 5 to 10 different tools to close and execute a contract, while still needing manual activities to be completely executed.
With Trakti, the end-to-end journey of contracts is automated, which also helps customers reduce operation costs by 30% while increasing productivity by more than 50%. Trakti's platform takes care of the whole contracting process and offers integrations with virtually any product.
Luigi Telesca is the Co-Founder and CEO of Trakti. Luigi is an innovator, entrepreneur, and a start-up mentor who spent the last 17 years working on distributed systems, enterprise software, e-negotiations, future internet architectures, and protocols. In 2006, he created the first peer-to-peer negotiation system for SMEs called 'Open Negotiation Environment'- a research project funded by the European Union in FP6 that proved the possibility to run business negotiations in a peer-to-peer network before the advent of the blockchain.
To drive innovation and adoption of smart legal contracts, Trakti, through its subsidiary Exrade, has been awarded by the European Commission, for a pioneering study on 'How to model the whole European economy as an ecosystem of contracts'. It has proven to be a great success, which started the Open Trust Fabric alliance- a system of transacting and building strong relationships, that is open, secure, data-minimizing, and democratic. The alliance is committed to establishing an inclusive ecosystem for contributors who are willing to develop tools and methodologies for reporting the economy as an ecosystem of contracts and implementing it.
The company's objective is to connect the legal, accounting, and business functions into a united system by interfacing between these three worlds, and to support a dynamic visualization of the economy through contracts that will help policymakers go beyond GDP and improve company relationships and operations.
Blockchain and smart legal contracts are being recently used in the cloud domain. These technologies promise dynamism, transparency, flexibility, and a relationship between the customer and the provider, based on trust.
It has become evident, even more during the pandemic, that the adoption of cloud computing represents an indispensable strategic lever, both in terms of flexibility and security. But it is equally clear that in the face of this structural change, companies must reinforce appropriate strategies for selective screening in the pre-negotiation phase (private or hybrid cloud) to identify the best supplier for their business needs before contractually committing, and at the same time, these companies must also benefit from the self-guarding tools in the course of the supply.
Perfectly functional, in this sense, is the use of smart legal contracts with the precise purpose of contractual self-protection. The contracts represent an innovative tool that can be widely used in areas where it is necessary to monitor and manage activity flows that accompany the life of the contract through new generation blockchain platforms. The smart clauses connect different prices or fees to different service levels. Thanks to the use of smart contracts and the Json API, it is now possible to monitor the quality of services and the automatic activation of the payment of the agreed price for the detected service level. The data that feeds the smart contract allows the activation of predetermined actions, as agreed in the contract. This increases transparency and verifiability. Furthermore, smart clauses may include bonuses and/or penalties (even as tokens) that are triggered upon the occurrence of pre-defined conditions.
The innovation brought by Trakti to the CLM field is the end-to-end coverage of the contract's lifecycle and the blockchain integration. This means that the whole process of contracting, starting from the template drafting, up to the signing of the contract and its lifecycle management (renewals, termination, modifications, etc.), is entirely covered by one single platform. Moreover, the system's capability to support different blockchain networks allows complete transparency and immutability of all versions of the contracts and its notarization. This way the customers can create good relationships with their counterparts based on achieving true transparency.
Trakti has also partnered with W2 to offer complete integration of know your customer and anti-money laundering checks directly in the contract, all from a worldwide database. Furthermore, the company is a member of the INATBA (International Association for Trusted Blockchain Applications) association, ITALIA FINTECH, and the Fintech District.
The greatest challenge that all disruptive companies have been and are still facing is the misconception of innovation adoption in the enterprise setting. Many people consider innovation as an enemy, a menace to their status quo, and something that must be seen with mistrust. But the way Trakti envisions innovation is the opposite. The future will someday become the present. And when that happens, those who have embraced and adopted evolution, by revitalizing their competitive advantage will survive. Blockbuster can be witnessed as an example. Lately, it was realized that embracing digital formats was the natural evolution.
Trakti is trying to bring this innovation to light, explaining what advantages its customers can obtain and how much time and money they can start saving.
There are several awards and recognitions that the company has won over the years. Trakti is the winner of the Italian Fintech Awards in 2016, Startupbootcamp Fintech, Kickstart Accelerator, and the Innovate Finance Pitch360 Regtech. The company also collaborated with ING Finance Real Estate for the implementation of Easyleasing, and are trusted by Leonardo S.P.A., ENEA (Agenzia nazionale per le nuove tecnologie, l'energia e lo sviluppo economico sostenibile), Neosurf, and many others.
Luigi Telesca, the Co-Founder and CEO of Trakti, envisions the future as bright. He says that the blockchain sector is growing, but the adoption of effective solutions in the enterprise world is lacking behind. In the next few years, the industry will see an explosion of process automation and decentralized services in this market, that will revolutionise the entire management of companies, starting from finance, operations to legal and regulatory compliance, from supply chains to distributed factories.
Trakti offers the orchestration layer to activate and speed up the adoption of this innovation in the industry with its end-to-end unified framework capable to span from private to public blockchains. Luigi adds, "Trakti will help companies to redesign the backbone of their businesses with a simplified no-code platform to transform the way they interact with customers and suppliers in this digitised world".
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
