For Blox’s Customer of the Week, we have the honor of highlighting, Insolar!
They are a global technology company building innovative public and private blockchain solutions. Anyone can use their Insolar Blockchain Platform to access the most secure, flexible and scalable blockchain for business.
When it comes to crypto tax and accounting, Blox knows quite a bit about business!
We spoke with the company’s CFO, Dmitry Zhulin, about how they are using the Blox platform for their crypto accounting.
Let’s get into it!
What is your company all about?
Insolar is a leading innovator in distributed ledger technology (DLT) worldwide with a vision to enable a new open, connected, and collaborative world. Insolar’s patent-pending Assured LedgerTM technology helps businesses ensure consistent, transparent, and secure data exchange.
Leading enterprises, including Fortune Global 500 companies select Insolar to help them build innovative products based on Assured LedgerTM. Insolar’s team of 80 people is based across North America and Europe and has a unique mix of hardcore engineering talent and blue-chip business expertise.
Tell us about yourself; What is your role at the company?
My name is Dmitry Zhulin and I am the CFO at Insolar. I am responsible for managing the company’s finances. I am an experienced technology entrepreneur with a successful track record. I previously founded Instamart, which now operates under the name Sbermarket: one of the largest venture-backed delivery services in Eastern Europe. Prior to that, I worked in private equity and investment banking at VTBC Private Equity and Rothschild.
What does your company do? What is your core offering or value proposition?
We created Insolar because we believe that today’s world has too many barriers to transact. Business processes between multiple parties are prone to costly reconciliations and a lack of transparency. The modern era requires businesses to be connected, collaborative and open.
Data exchange is the backbone of every business process. Our mission is to facilitate the transactive economy by creating an ecosystem for trusted data and value exchange. Insolar addresses this gap by developing the platform and solutions to power trusted data exchange between businesses. Insolar Assured LedgerTM technology ensures data consistency, transparency and security. Control access and retain ownership of shared data.
This is what we call data without borders.
What is the future for your company’s specific industry?
Distributed ledger technology is still nascent, yet it holds great promise across many industry verticals. Supply chains and finance are set to greatly benefit from the increase in transparency that DLT offers.
Gartner analysts estimate that by 2030 20% of the global economic infrastructure will be running on distributed ledger-based systems and DLT will generate over $3 trillion annual business value.
Specific to DLT as an industry, we can expect additional innovation and improvement on initial blockchain concepts, such as Insolar Assured LedgerTM technology, which empowers developers to build applications which help businesses ensure consistent, transparent and secure data exchange based on assured reasons.
Unlike standard and other DLT databases, Assured LedgerTM stores the data together with the reasons for each change of data to make it simpler to identify why a transaction took place. The origins of all operations can be traced for legal or audit purposes, and the integrity of the reasons is assured.
How is your company using the Blox platform?
We use Blox to manage all of our crypto assets in one place. It is such a handy and convenient service and simplifies our crypto asset management.
What challenge has the Blox platform solved for your company?
Blox has allowed us to simplify our crypto asset management. This means time saving for our accounting department when having to deal with crypto transactions. This saving of time translates into a happier accounting department that has more time on its hands to solve more pressing and vital tasks.
Blox would like to thank Insolar and Dmitry Zhulin for taking the time to speak with us! You can learn more about the company by visiting the Insolar homepage.
Thank you for joining us!