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STARTUP OF THE MONTH Starting a blockchain adventure
Cygnetise aims to utilise blockchain in revolutionising a key part of almost every business operation on the planet. We spoke with CEO Steve Pomfret to find out more
Tell us about your company. How was it founded?
Mike Ashkuri (director at Cygnetise) and I started a business called Covolution in 2016. The concept of Covolution was to identify blockchain use cases and set businesses up accordingly. Blockchain- based use cases were compiled and assessed for their technical suitability and whether there was in fact 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.
I spent time mentoring and educating people on how blockchain worked, welcoming ideas of use cases, specifically in the processes they deal with on a day-to-day basis. The thought process here was to collate applications that offered a real beneficial use at a process level. These ideas would then be fed into the thought process.
One of these use cases was over a discussion with Shaun Blake, who was at the time setting up the operations of a hedge fund. Shaun explained that he had experienced frustrations with the processes of maintaining and distributing authorised signatories and whether this could be suitably remediated by the use of blockchain. Immediately I agreed and that it was in fact a genius idea, so I carried out some further analysis.
With minimal barriers, this appeared to be a perfect entry level use for blockchain and consequently the company Cygnetise was founded.
customers on our private blockchain than any other in existence. If we have that, I think we’ll have many options of what we want to do
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What is your business model?
Cygnetise is a digital decentralised blockchain platform for maintaining and distributing authorised signatory lists. It significantly simplifies the current process that is carried out by nearly all organisations, alleviating internal operational inefficiencies, reducing risk and mitigating opportunities for fraud. The application provides massive benefits to clients and counterparts by removing the existing administrative burden and improving the overall customer experience.
Almost all organisations are required to maintain an authorised signatory list in some guise and can therefore use the Cygnetise application to do this. The application is web-based SaaS (Software-as- a-Service) and can be accessed online. No implementation is required. Sign up is quick and simple, and involves a minimal validation from the Cygnetise team.
Following this, administrators for each organisation can set up as many lists as required, usually at least one for each entity they need to maintain. In many companies, this administrative effort is done by company secretaries (or corporate secretariat).
Our mission is to have more corporate
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