Sam Savant was the NEF Showcase presenter for TwoScoreTwo a blockchain commerce company. Sam described the problem and his unique solution to global commerce: data leaks and tampering, payment security, and impersonation.
“Recent studies have found that nearly a third of companies in the US had their supply chains breached over the last year. Each instance of breach cost the company an average of $2.7 million The Association of Financial Professionals has estimated that US companies lose about $928 billion in annual revenue to fraud.”
TwoScoreTwo’s Minerva solution “brings together all global supply chain participants from different companies into a single digital community” that is unhackable and undetectable while letting in only authorized users. Similar to Google drive, users can store and transfer data to other authorized users. All data is digitally signed and encrypted such that only the sender and recipients can access the information. Our solution eliminates the possibility of modifying invoices, contracts, and other business critical information.”
Blockchain technology is revolutionizing the way organizations share and update data that is impervious to tampering. Conceptually, it is similar to a Google spreadsheet that is shared multiple times, even thousands of time across a network. The blockchain network is used to update the spreadsheet as users update the content. On the network, there is no “original” for a hacker to alter; thus, the genius behind the technology. Visit TwoScoreTwo at http://www.twoscoretwo.com.