The team at ClearX, led by the passionate blockchain enthusiast, Eran Haggiag, is bringing smart contracts to legacy industries starting with Telecoms. The goal is to empower commercial businesses to clear and settle complex B2B reconciliation agreements in a seamless and automated way.
“With new technologies and decentralized networks constantly opening up new avenues for business, the streamlining of complex partnership processes and reconciliations has become a topic of increased focus,” says Eran Haggiag, Co-Founder and Executive Chairman of ClearX. “This focus now needs to concentrate on upending outdated legacy processes, our platform serves as an effective way to smartify their approach and automate trust between enterprises.”
The blockchain space has evolved over the years as more solutions powered by blockchain technology emerge from different parts of the world to meet the growing and diverse needs of organizations and individuals. Unfortunately, many of the available solutions do not effectively address the concerns of users, especially in terms of comprehensiveness and accessibility. However, ClearX has been able to change this narrative over the years, as substantiated by the introduction of the settlement automation solution for legacy enterprises.
Features Of ClearX’s Solution For Legacy Institutions
ClearX is a blockchain-based clearing and settlement solution that aims to empower legacy institutions to automate their obsolete and time-consuming manual processes on a global scale. The solution focuses on complicated B2B commercial interactions, with the company offering smart contracts that create and execute complex and confidential agreements, ultimately boosting industry efficiency and revenue capabilities.
ClearX as a company aims to address major concerns in the business environment, such as the provision of a user-friendly platform for B2B trade and partnerships, powered by smart contracts. The business-interface platform leverages Distributed Ledger Technology (DLT), enabling users to confidentially obtain accurate data for the implementation of smart B2B contracts. The solution makes it possible for companies to manage their contracts in a shared environment while maintaining complete control over sensitive data.
Case-study Of The Automobile Industry
The production process for parts for the automobile industry that has an international presence, looking for low latency alongside stable and safe connectivity between it’s location can be considered. A chain of multiple wholesale agreements between the communications provider, other carriers, as well as local loop players supports the customer’s planning and design can be a bit cumbersome. The details make little difference to the corporation’s IT managers, who only get a final bill indicating their overall cost. However, the case is different for the carriers, no thanks to the complex process of billing and settlements, leading to hundreds of contracts to settle monthly, each with thousands of services.
Use Cases For ClearX In Telecoms
Service providers in the telecommunications industry are already leveraging the features of ClearX, with the likes of Deutsche Telekom, Telefonica and Vodafone already using it’s automated marketplaces to speed up settlement and reconciliation significantly. ClearX has already raised $17 million, led by Eight Roads as well as Telefónica Innovation Ventures, Telekom Innovation Pool of Deutsche Telekom, HKT and Singtel Innov8.
ClearX was founded in 2018 with the primary goal of building blockchain-based settlement and clearing networks for industries across the globe. The company aims to facilitate frictionless B2B trade by enabling enterprises to transition from current inefficient and manual processes to real-time trading and clearing on a global scale. The company’s platform helps enterprises to automate contracts and data management while guaranteeing control, security, and privacy in networks with multiple partners. It also provides automatic payments and clearing, reducing transaction fees, long payment cycles, and managing fraud prevention.