Katlas - Digitalising International Trade for SMEs - Blockchain in a Box (BIAB).
Vision: KATLAS can support a new vision for industry collaboration - where SMEs are no longer just customers but members of a club with open global membership where useful information is discreetly shared in a 2-way exchange of value.
Problem: To trade globally, SMEs face many challenges, such as accessing and completing the correct regulatory forms and complying with ever demanding data standards (KYC, ALM, GDPR). Issues VAT/Taxes, unreported delays in transport and processing payments, and language barriers, can severely impact an SME's ability to trade efficiently.
Problem Size: Globally there are over 400million SMEs, representing around 90% of businesses and more than 50% of employment. SMEs are the backbone of economies around the world. BEIS state that in the UK there are currently 530,000 companies exporting. According to research by Sage, another 375,000 UK SMEs have exportable goods but are not currently doing so. If the UK were to facilitate international trade with these firms, it could unlock an annual £290billion in the economy.
Solution: KATLAS offer a highly efficient and cost-effective "plug-and-play" Blockchain in a Box (BIAB) technology solution, to support the digitisation of organisations (specifically SMEs), to enhance business operations and trading with other entities, using Blockchain and Distributed Ledger Technologies (DLTs).
Blockchain is a game-changer for SMEs looking to expand in overseas markets. International trade documentation is being digitised with Blockchain providing transparency and consensus mechanisms which replaces multiple instances of verification and physical checking. The significance of DLT to SMEs, is that it enables the digital transfer of value without the need for a trusted third party. The essential capability is enabled by Zero-Knowledge Proof, in laymans terms "you do not need to be there to know it occurred".
The major factors driving high levels of interest in Blockchain solutions include smart contracts, digital identities and increasing government initiatives. Smart contracts are self-executing code that can offer for 'Bottom-of-the-Pyramid' economic actors (SMEs) increased speed, efficiency, and trust that the contract will be executed as agreed.
Our BIAB solution is vital in order to allow SMEs the opportunity, tools, and power to trade and export effectively and efficiently worldwide at a fraction of the cost.