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Customer Stories

Enterprise fraud management using Blockchain

A US based Agricultural Company selected Cognix's full suite of structured record and data security solution to automate their manual approach of record management. Smart contracts were effectively and effortlessly built for each transaction to authenticate & verify data without involving third party.

Cognix's block chain detects any tampering of data, it maintains hash of the records and its immutable traces.

Today’s world is rapidly undergoing a fundamental change, and it is becoming driven by data. Organizations find it increasingly difficult to meet enterprise fraud management (EFM) requirements while also maintaining their data safe and retain customers. Though a large percentage of records are electronic now, which are also produced by a variety of sources, for instance: mainframe computers, business applications as well as office applications.

Organizations are in need of technology providing a globally available decentralized system for records management that has been built upon the core principles of Blockchain, providing a comprehensive data store which can be utilized by anyone in the world.

Cognix's AI powered collaboration platform provides a globally available decentralized system for record management that should seamlessly integrate with all kinds of different systems and capture records from the time they are generated and immediately store them without human intervention.

The Challenge

A US based Agricultural Company was following a traditional manual approach create, communicate and keep recorded information that requires intermediaries, such as technology platforms, to serve as the trusted middle man to perform record-keeping, which led to unintended consequence like precious time and money lost creating, maintaining and dealing with intermediaries. To reduce the cost and make sure that all the data are decentralized and safe, the company need a technology that can provide a mechanism for establishing trust, immutability, transparency, auditability and security

Cognix Blockchain Technology

The Solution

Cognix AI Powered Solution

Cognix offers a full suite of structured and easily accessible record keeping and data security solutions for organizations and individuals. It provides a platform for structured storage over a decentralized network for the ease of data access and security between peers. By exploiting the pros of the Blockchain network, Cognix helps user to create an ecosystem for secure transfer, authorization, integrity and authenticity of data that helps user to perform these actions without significant human interaction.

With Cognix's user friendly modelling tool for design canvas, user can effectively have built smart contracts for each transaction that helps to authenticate & verify data without involving the trusted third party

Cognix's blockchain module detect the tempering of data. If any alteration of the record occurs after it is uploaded, the hash of the record will be different, and its immutable traces will be kept in the Blockchain.

When a user uploads a file, a condensed record along with meta information (i.e Upload Metadata) is signed and pushed into the Cognix's ledger with a new hash value. This hashing is to ensure that the content of the record hasn't been altered.

The Benefits

Cognix provides an open ecosystem to manage records reduces the need for establishing trust with third party organizations and the need of a large setup to create immutable records.

It provides a real-time monitoring and verification over the data shared on the ledger to save time and money through automated auditing.

Cognix offers a user-friendly interface to upload documents and support multiple document formats (PDF, Excel, QR code) with ease in addition to allowing user to enter their own data.

It helps to reduce manual effort to create transparency and reconcile and resolve data duplication

The uploaded data and documents can be codified (as QR Code) and executed in a shared, immutable environment

Cognix helps with asset provenance and transaction history to minimize duplication and fraudulence

Cognix's Solution Benefits