Cygnetise Disrupting Traditional Signatory Management With Blockchain
Cygnetise is a digital decentralized Blockchain platform for maintaining and distributing Authorised Signatory Lists. Simplifying the current process that is majorly being followed by all organizations is their aim. They also work towards alleviating internal operational inefficiencies, reducing risk and mitigating opportunities for fraud. It provides relief from the burdensome administrative system of today and even helps build better trust among the users by improving their complete experience.
Back in 2016, The CEO of Cygnetise, Steve Pomfret and the Director Mike Ashkuri had started a business that went by the name Convolution. The main concept that Convolution was built on was to identify Blockchain use cases and set businesses up accordingly.
A compilation and assessment of these Blockchain use cases are done to maintain technical suitability and to make sure that there was a viable business case for them. The assessments looked at use cases and marked them on barriers such as cost of delivery, speed to market, dependency on mass adoption, comparison with any existing technology used, regulatory restrictions, client data restrictions, and competing applications.
Steve used to mentor and educate people on Blockchain and its usage. He even used to welcome more and more ideas on use cases. The idea behind doing so was to bring together applications that were of great help in the initial processing stages.
A discussion with Shaun Blake, the co-founder of Cygnetise, who, during that time, was setting up the operations of a hedge fund, has laid the foundation for their company. Shaun, during the discussion, talked about his frustrations with the processes of maintaining and distributing authorized signatories. Whether there could be ultimate remedies to such complications with the use of Blockchain was what he thought of.
Steve immediately connected with this idea and they both agreed on doing some further research and analysis on the same. The reduced amount of barriers and obstacles made them believe that this was indeed the perfect entry-level use for Blockchain. This thus led to the establishment of the company Cygnetise.
As of now, Cygnetise does not have a competitor in the Blockchain space. But when compared with the traditional centralized database, what sets Cygnetise apart is the fact that the user is in full control of their data, they can even offer peer to peer sharing of their signatory list. This kind of user-control is made possible because of the decentralization that Blockchain offers.
There is also better security as compared to the traditional database and also there is a full immutable audit trail of all amendments to the signatory lists. These qualities thus set apart the decentralized platform that is Cygnetise.
Team Cygnetise believes that they have been very fortunate right from their initial stages. Be it because of the smart decisions that they made or the luck that stood by them. One such lucky situation for them was when Steve bumped into Damian Bell, who is now the Business Development Director at Cygnetise, on an evening where Steve addressed around 20 people on Blockchain. A year and a half on, Bell has single-handedly led their salesforce covering more ground and landing more sales than one would usually expect from a small growing team.
Another rather smart decision was to engage with the best cybersecurity company. Zerodaylab has made sure that Cygnetise’s products are watertight. The initial thoughts did not include the spending on companies with not so big names. But investing in this just seemed right to the team and hence they used up their budget on it and thankfully it turned out to be one of their best decisions.
The next best decision they made was to ensure that the product is simple enough. This helped them enter the market earlier, secure the market fit and eventually bring in the desired changes as per customer recommendations. Making sure that the users find it easy to use and adopt is on the first mantras of making it big in the digital community. Once you gain enough customers, you can go crazy, get creative and explore with the functions!
“In 5 years, we would have hundreds of thousands of corporate customers adopted and an exit. Major partnerships, spin-off applications would also be good too, but I do need to provide the shareholders with a decent return”, said Steve.
The Cygnetise team is currently working on getting more corporate customers on their private blockchain than any other in existence.