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Enkidu: Changing the Way We Create Business through Blockchain Smart Contracts [with infographic]

These days it is almost impossible to avoid the crypto buzz. The Bitcoin rollercoaster price – once discussed only in niche communities – is hitting the world’s most authoritative headlines, and blockchain is the buzzword that all tech communities refer to. In this scenario, not only ordinary people but also businesses – whether or not they like to admit it or not – cannot shy away from the crypto world either.

Businesses of all sized have already jumped on the crypto bandwagon, and they are working on blockchain related projects to increase their shares in the market and to stay ahead of the competition. Accenture Research published a report in early 2017, reporting how “Blockchain technology could reduce infrastructure costs for eight of the world’s 10 largest investment banks by an average of 30 percent, translating to $8 billion to $12 billion in annual cost savings for those banks”. And Garter estimated that “by 2022, ratified unbundled (that is, defined impact) smart contracts will be in use by more than 25% of global organizations. Unbundled means closely defined and with narrow impact, rather than complex nested contracts where the outcome permutations become nearly impossible to test”.

Blockchain has created a new and dynamic ecosystem for dealing with business contracts, avoiding all the boring activities related to them, and placing an unrivaled transparency as a key feature, made possible by a distributed and decentralized ledger. In the blockchain era, a contract becomes a logic-based system, a programmable solution made by third-parties covering every aspect of the transaction from beginning to end without the need for trust.

Enkidu: blockchain used for business efficiency

Enkidu is a smart contract platform that leverages the power of blockchain for the sake of business efficiency. Enkidu allows automation of payments a near zero costs by utilizing smart contracts. The platform promises to cover all possible payments a company is supposed to face from its creation to its day-to-day operations: from employees’ payments to the payment of the brewer coffee machine!

According to Shashank Udupa, COO of Enkidu, “A payment splitter gateway is central to the operations of Enkidu. The splitter divides payments into pre-defined parts, crediting the project members according to the share they hold. How much is their share, thus the payment they should receive is described in the cap table, and the payment gateway simply obeys to its rules. Smart Contracts utilize vesting, treasury and IP protection for providing the highest level of security. In Enkidu dilution, treasury threshold, and all the other decision vital to the business are set by a voting system, in a “resolution” fashion. The payment gateway programmatically obeys to the resolutions passed. In short, Enkidu is helping companies to run an alternative to conducting business, the alternative to LLC, which is made possible by their blockchain-based automaton rules. Enkidu allows people to team up, split payments and run a profitable project, without requiring a company entity (flow-through tax). We’re trying to merge the rules behind every company traditionally running a business with the many advantages provided by the blockchain payment gateway”.

enkiduThe Enkidu’s talent marketplace

However as per the words of Varun Mayya CEO of Enkidu “the platform isn’t only blockchain-based payment splitter provider. It leverages a current trend on the market that sees the freelancing marketplace economy on the rise, becoming a marketplace of talents”.

It is undoubtedly how remote work will become the world workforce majority, and Enkidu positions itself in this market, trying to give a solution to all the issues – from talent hiring to contracts and payments – that every entrepreneur running a team would otherwise face.

“We are in the Fourth Industrial Revolution — a period of rapid change in work driven by increasing automation, but we have a unique opportunity to guide the future of work and freelancers will play more of a key role than people realize,” said Stephane Kasriel, co-chair of the World Economic Forum’s Council on the Future of Gender, Education and Work. “Professionals who choose to freelance make this choice knowing that, as their own boss, they are in control of their destiny. Freelancers, therefore, think more proactively about market trends and refresh their skills more often than traditional employees, helping advance our economy.”

More info: Enkidu

Enkidu

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