The DARFchain initiative is pleased to announce the successful launch of its integrated solution for a distributed ERP system involving smart contracts that uses Odoo, BigchainDB and Ethereum technology stack.
Stanislav Taktaev, Founder and CEO of DARFchain, said:
“We started DARFchain in May 2017, and have been on the frontier of the Blockchain based ERP development ever since. Our team is deeply committed to the idea of Tokenomy, and today we are proud to confirm our leading position in distributed accounting, resource and finance management”.
Initial phase of the product allows accepted third parties to fully replicate ERP database of the recipient, or supervised company via BigchainDB storage, verified by Ethereum Blockchain based smart contracts. As illustrated below, data from Odoo is uploaded into the BigchainDB storage while simultaneously issued smart contracts are included into the Ethereum Blockchain. That allows the supervisor to recover transactions on its Odoo node and verify the latter independently.
Vitalik Buterin, founder of Ethereum, in all his public speeches stresses how important it is to meticulously measure and account contribution of the development team in each and every DAO built by crowd-funders around a certain idea. “Project elaboration data, if presented in an ERP system and stored in a distributed manner, provide token owners with all essential information to make their own decision on allocation of funds that are aimed for development, and transfer the those via “smart contract” with execution subject to a certain metric or result.” This duty is being fulfilled by DARF-token which, in its essence, represents a hybrid of a smart contract and a trusted oracle ruling the process by relying on the distributed ERP system.
“The vision of BigchainDB has always been a scalable Blockchain database, to complement smart contracts systems, file systems, and other Blockchain technologies in the decentralized stack. We’re delighted to see the integrations between BigchainDB & Ethereum, and BigchainDB & Waves that express this vision, as DARFChain is doing. DARFchain’s ERP solution is a promising example of enterprise-grade Blockchain technology targeting real world use,” said Trent McConaghy, co-founder & CTO of BigchainDB.
“Security of operations is a critical part to any ERP system,” Sergery Stepanets, DARFchain lead developer says, “There are many critical elements in every business’ day-to-day activity, including documents signing, money flow supervision and control, employees timesheet management, authorizations, and, most importantly, data integrity. Migration of localized ERP to decentralized Blockchain based solutions that are supported by smart contracts allows to eliminate need for an expensive special proprietary software with no damage to security.”
“Integration of off-chain technologies and operations with smart contracts and cloud data storages bring new value to Blockchain implementation,” Stanislav Taktaev adds, “We see some major advantages that the system presents, and some of the features of DARFchain product have nearly unlimited potential for future development.”
Further evolution of the product includes:
- multi-role model for transaction information access that extends multi-signature feature, e.g. differentiating read and write modes between the enterprise departments, as well as outside parties — auditors, bond and equity investors, regulators and other stakeholders;
- trusted document flow between the enterprise and its counterparties based on EDI/CommerceML standard. Importantly, the solution will be easy to use and fully affordable for a local small shops and individuals;
- semantization of tokens and adding extra information about token issuers, e.g. types of goods and services, personal occupation, company and person’s reputation, and product ratings or certificates. Going forward, automated systems that provide cross-trade and swap opportunities, as well as semantic-based token sets and mixes, is to be introduced;
- realization of a trusted oracle environment where reliable accounting and product flow information eliminates additional know-your-counterparty check and quality verification, thus, reducing entrepreneur’s cost and creating intrinsic value for a basic token that provides such.
“We progress in full compliance with the road map and regularly introduce incremental additions to the software,” Sergery Stepanets concludes, “DARFchain expects it upcoming release to be available in late November.”
DARFchain (Distributed Accounting, Resources and Financials on Blockchain) is an open-source Blockchain based Enterprise Resource Planning solution operating on Ethereum and Waves platforms. The startup was founded in May 2017 by Konstantin Bakulev and Stanislav Taktaev. DARFchain has its headquarters in Moscow. http://darfchain.com/
Odoo (formerly OpenERP) is an open source all-in-one ERP/management software that includes CRM, eCommerce, accounting, inventory, PoS and project management solutions. Odoo is being developed by OpenERP S.A., Belgium. https://www.odoo.com/
BigchainDB is scalable Blockchain database with decentralization, immutability and native assets. The software is used for large-scale applications in supply chain, IoT, intellectual property, identity, artificial intelligence and more. BigchainDB provides unique solutions for developers, start-ups and enterprises to successfully build their concepts, platforms, and applications as big as they can dream. BigchainDB powers the shared public network IPDB. BigchainDB is being developed by BigchainDB GmbH, Germany. https://www.bigchaindb.com
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