Everything in one place, not all over the place.

At scale, transformative technology is all about reducing repetitive, mistake-riddled human tasks with a faster, cheaper, better solution.

A recent report from OECD and the International Federation of Accountants estimated the annual cost to markets of fragmentation in global financial regulation costs more than USD $780,000,000,000 (BILLION) annually. Nearly a trillion dollars to just reconcile differences in rules between jurisdictions. That’s a lot of money that would otherwise go to profit and yield.

Now add to that the fact that recent studies have concluded the average professional in today’s business market spends 2.5 hours daily just looking for files. That’s an entire day per work week!

Financial assets are a struggle to manage effectively when stuff’s spread out across multiple apps, cloud services, network drives, local drives, email attachments, file services, task managers, spreadsheets, chats, meetings, etc… Now multiply that between how many organizations and stakeholders. Things get lost, you don’t know where to look for stuff, and people put the right information in the wrong place. Not good. Especially if you ever need to find something specific.

But when it’s all pulled together and digitized with 10XTS, you’ll know where everything is, access it all with a click of a button, and securely share official records with your stakeholders with ease.

Before 10XTS: Asset or securities documents are scattered across multiple locations, different platforms, email in-boxes, and other insecure locations. Things get lost and slip, mistakes are made, security and audits are a nightmare, and people are stressed. This is why audits and regulatory reporting eat away at asset returns — which makes everyone unhappy.

After 10XTS: Every document related to a financial asset, related entities, and transaction is organized in a single, highly secured network. 10XTS keeps everything organized by default. Things are always where you expect, and it’s obvious where to put stuff. You’re on top of things, everything is accessible with a few clicks, and a sense of calm sets in.

Standardization enables automation.

When an asset or securities vault is created, a cryptographic hash is created on the blockchain ledger as a token used in a more traditional security and data fashion.

When you upload a document into a hashed vault on 10XTS, the binary of the document file is hashed and encrypted. Then the text of the document is extracted and also encrypted. Then the file and all the associated data about the document is hashed into a unique cryptographic code that works like a fingerprint. That cryptographic hash is then encoded onto a distributed ledger of blockchain data that doesn’t reside in a single place that can be a target for attack.

How it’s better: Previous efforts to “tokenize” assets on a blockchain have been expensive, near custom software development efforts. Solely generating a token or smart contract on a public blockchain without considering the current form of legal and compliance is potentially disasterous. Using “token builder” code generator platforms to automate contract language is no different than any other code generator system. It is solving the wrong problem at this stage in the market.

We focus on making a person, entity, asset or transaction provable — because the underlying documents already exist and are already provable.

A standardized system of record network of provable documents and data makes it easier to automate and share trusted data between organizations and stakeholders. The hash encryption authenticates any specific document as the true and valid original version of the document later on down the road. This is especially important when relying upon any document to prove the validity of any claim or assertion about people, identities, assets, entities, and transactions.

While an individual document file could be altered or updated, the mathematical record of actions and versions can never be altered. The log of “who did what and when” can never be altered. In this way, we can secure and automate the process of trade and exchange between all stakeholders.

Legal jurisdiction-based document types to simplify global reconciliation

Documents uploaded into the network are assigned a document type appropriate for that identity, entity, asset, and transaction within the appropriate venue of jurisdiction.

How it’s better: Unlike generic, legacy cloud document storage, attaching document types and record-keeping metadata is one of the most powerful features of the 10XTS platform. Record-keeping has already been automated in progressive organizations for more efficient internal workflows and processes. The same standards of modern communication, document management, and record-keeping are applied to the entire network at global scale.

Using document types enables the categorization and automation of any process requiring use of that particular document. Whether automating an audit, instantly verifying a proof of ownership, or literally any other form of attestation, applying document types in a formalized way will improve efficiency and reconciliation between jurisdictions and borders over time — thus speeding up audits, settlements, and any statutory process between organizations.

Document types enable the efficient categorization and routing of documents between users across multiple organizations.

Network-wide permissions and access logging.

Stop attaching documents to highly insecure, unencrypted emails. Give permission to other stakeholders and users globally across the network to access exactly what they need 24/7. Record every action of every user across the network as a shared event log.

How it’s better: Ensure governance and compliance by validating activity audits between every stakeholder and organization to enforce protocol and lower risks. Ensure that stakeholders are accessing the correct and valid version of any document to avoid confusion and wasted time.

Automate trust, improve liquidity.

The token hash value on the network acts as an index key to access other connected data — and as unit of account to track details about each transaction and the ownership of an asset between entities. Transactions are captured and recorded as a continuation information about every asset — even across multiple public blockchain networks, trading venues and exchanges. Price feeds and external data can be imported into the network from 3rd party exchanges, trading venues or platforms.

How it’s better: With such a comprehensive, organized, secure library of verifiable records related to an asset or security, the trust factor is higher across stakeholders and investors. Immutably connecting a transaction with all of the associated documents helps persist the long-term chain of custody and historical record-keeping for easier regulatory reporting and auditing.

Integrate our core with your enterprise.

As cryptographic tokens become more commonplace on public and private networks as the preferred form of exchanging financial transaction information between organizations, people will need easy ways to interact and prove their securities or asset information. We’ve taken a very traditional enterprise approach to connecting existing systems with a distributed ledger network ecosystem.

How it’s better: Many different kinds of financial data networks are already in development, and 10XTS provides the independent network-based trust. Built with an API-based framework for development and integration with enterprise IT systems. Partners can even deploy a custom integration cloud suite and white label the core 10XTS system to provide digitization services to their own customers.

Because our focus is on traditional document and workflow, we’re not significantly impacting the IT organization outside of traditional management. Our goal is to “bolt on” to whatever you’re already doing in the least obtrusive way. We know what headaches come from forcing people to “learn something new”.

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xtsCore - Building Blocks for Fintech Solutions

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