Authenium and Agenia Complete the World’s First Smart Contract-based Supply Chain Automation Transactions
Santa Clara, California & BSD City, Indonesia, December 20, 2019 – Authenium, massively scalable blockchain and smart contract platform, and Agenia, digital procurement ecosystem, announce the successful completion of the world’s first smart contract-based supply chain automation transactions for Micro, Small & Medium Enterprises (MSMEs). Using Authenium and Agenia, donuts and coffee franchiser Da'im Donuts completes digital purchase of raw materials from Asia’s leading agribusiness group Wilmar International Limited. Further, Da'im Donuts and its two franchisees witness hands-free machine-to-machine auto-replenishment of donut premix products.
Advanced Cryptography for Maximum Privacy and Data Security
The aforementioned transactions are recorded on blockchains with the highest privacy and security measures. Using Ethereum as building blocks, Authenium employs Keccak-256 hashing algorithm, Elliptic Curve Diffie-Hellman for key exchange, Elliptic Curve Digital Signature Algorithm, AES-256-CTR parallel block cipher, and Argon2 password hashing. These are leading edge cryptography algorithms, endorsed by U.S. National Institute of Standards and Technology and have proved to be unbreakable.
Without encryption, cloud-based systems have loopholes for insider’s access or tampering, if not hacker attacks. On Authenium, no one – not even systems administrators – can decipher or tamper data without data owner’s key.
Smart Contracts to Automate Procurement Processes
Agenia is the first to deploy Authenium smart contract technologies as supply chain automation for its digital procurement ecosystem. Da'im Donuts is a fast growing franchise with 207 franchisees, 154 inventory items, 18 distribution points, and 28,000 online buyers/subscribers throughout Indonesia. “Business is booming but scaling up gives us big headaches. Material procurement and product distribution to end-users and franchisees has become difficult to manage,” said Imam Munasir, the owner.
“Agenia provides easy-to-use inventory system that we implemented detailed classification, populate data for e-catalog, and perform stock recording swiftly. Inventory data sharing between us, agents, and franchisees gives us real time visibility of inventory throughout the whole network. We make better decisions on production, distribution, and logistics. And, Agenia’s auto-replenishment ensures my franchisees get the right materials at the right time with the right deal without me doing much about it,” Mr. Munasir added.
Agenia’s multi-site inventory management system is enhanced with Authenium smart contracts to auto-generate purchase order, invoice, delivery order, tracking, and confirmation, payment instruction, AR, and AP. Approvals are made easy with cryptographic digital signatures seeded with PIN, password, or fingerprint on smartphone. Maximum automation is obtained from machine-to-machine auto approvals orchestrated by networks of smart contracts.
Smart Contracts to Settle Heterogeneous Payments
Agenia is a heterogeneous commerce ecosystem with suppliers, traders, buyers, agents, canvassers, distribution points, and couriers in it. Each has their own typical payment terms. Some have discounts, rebates, or taxes. On Agenia each payment specific arrangements and taxations can be defined in Authenium smart contracts. Upon a successful transaction, every party in the supply chain will be compensated with the right calculation of prices, discounts, rebates, and taxes. Payments will be made on the right day according to the payment terms. E-money and payment gateway partners are then called to execute fund transfers among bank accounts or e-wallets.
No more headache on who should be paid how much and when. No more worries about missing payments or being late.
Today’s event marks a significant milestone in blockchain and smart contract history such that MSMEs now have access to useful collaboration tools that give them cost reduction, reliability, privacy, and security. Industrial automation can now be for everyone.
“We fuse concurrent serverless computing, high-availability data store, high-throughput distributed messaging system, and other cloud platform elements into massively scalable computing power for the benefit of the working class, small business owners, households, and communities, ...” said Harry Huang, Authenium's Chief Scalability Architect.
“... and the most elegant way of doing it is by employing millions of smart contracts working together seamlessly with the right protocols providing great benefits to everyone, just like ants’ ventral nerve cord programmed for collaboration to survive the species,” Rusmin Dirgantoro, Authenium's Chief Protocol Architect, added.
Authenium and Agenia chose Indonesia to be the first target country. Indonesia is the world’s fourth most populous nation (estimated at 270 million in 2019), the world’s 10th largest economy in terms of purchasing power parity, and a member of the G-20. Internet businesses are booming. There are 143 million internet users (the world’s fifth) and four unicorns. Indonesia is currently investment darling of venture capitalists from Silicon Valley, Japan, and China.
Most importantly, Indonesia is home to 56.5 million MSMEs (by the government’s standard) and is in the world’s top five countries with the highest MSME density. With the 5.17 percent GDP growth for the whole country in 2018, MSME revenue grew impressively 9.3 percent. The government continues its commitments to transform MSMEs to become digital-savvy by supporting them in joining online market platforms.
Authenium is a massively scalable blockchain and smart contract platform. Combining Ethereum networks and proprietary high-speed synchronization technologies, Authenium provides support for massive scale blockchain deployment designed for billions of users while ensuring their privacy and data security. Its smart contract technologies are developer friendly and portable across countries, used for developing mediator-free trust commerce applications. More information can be found on authenium.com.
Agenia is a digital procurement ecosystem of raw materials and consumer goods for MSMEs and households. Employing supply chain automation and artificial intelligence, Agenia simplifies procurement processes, reduces operating costs, and raises procurement to strategic levels. Suppliers, traders, buyers, agents, canvassers, distribution points, and couriers collaborate in the ecosystem, utilize automation, and meet the MSME and household procurement needs. More information can be found on agenia.id.