Cryptowerk Helps Businesses Fight Fraud with Blockchains

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SAP-Certified Enterprise Blockchain Enablement Kit™ creates a tamper-proof record of digital moments up to 1 million times per second.

Cryptowerk
"Our mission is to help organizations embed trust into every product, process and transaction, making it easier and more cost-effective to fight fraud." - Dirk Kanngiesser, CEO, Cryptowerk

Cryptowerk™, the leader in blockchain-powered data integrity solutions, has introduced a new weapon for corporations and government entities engaged in the multi-billion dollar battle to fight fraud. Previewed at SAP SAPPHIRE NOW in Orlando, Florida, Cryptowerk’s SAP-Certified Enterprise Blockchain Enablement Kit™ lets organizations notarize their data and digital moments by creating a sealed, tamper-proof chain of custody up to one million times per second.

“In an increasingly distributed and interconnected world, organizations can no longer risk their businesses on outdated security measures that have proven massively ineffective at protecting sensitive data,” said Dirk Kanngiesser, CEO of Cryptowerk. “Our mission is to help these organizations embed trust into every product, process and transaction, making it easier and more cost-effective to fight fraud while protecting their valuable brand equity.”

Fraud has a staggering impact on individuals and businesses in nearly every industry. For example:

More than one million people die each year from counterfeit drugs that enter the pharmaceutical supply chain (Interpol)
Fraudulent goods are a $1.8 trillion industry
15% of components in US armed services machinery are counterfeit
Losses to internal fraud constitute 7% of profit for corporations
By 2020, 50% of organizations will lose more than 15% of revenue due to software integrity issues

Cryptowerk’s customers use the company’s blockchain-powered Data Integrity software to digitally notarize their data, creating a digital hash, or “fingerprint,” of the data that can be stored as immutable proof of authenticity on any public or private blockchain. The original data stays private and is never transferred to Cryptowerk. This approach also solves the throughput and cost limitations of public blockchains, making them practical for use in enterprise-grade, high data volume applications.

The company’s solutions are used in applications such as supply chain “track and trace," software distribution, and to prevent catastrophic data manipulation. For example, Cryptowerk is working with the Center for Supply Chain Studies, a non-profit group that is exploring the use of blockchain technology for pharmaceutical supply chains.

“Several of our members are exploring the use of blockchain technology as a way to address the data sharing requirements of trading partners outlined in the Drug Supply Chain Security Act (DSCSA),” said Bob Celeste, founder of the Center for Supply Chain Studies. “By using an enterprise blockchain solution, trading partners can create a tamper-proof chain of custody for a drug’s journey through the supply chain, and help to detect and deter counterfeits from being sold."

Cryptowerk integrates easily with most blockchains, such as the SAP Blockchain Cloud Service, Bitcoin, Ethereum and IBM Hyperledger, making it easy for developers to leverage the immutability of blockchains in their business processes and applications. Cryptowerk’s Enterprise Blockchain Enablement Kit is SAP-Certified and is available today on the SAP App Center.

ABOUT CRYPTOWERK
Cryptowerk envisions a future where trust is built into every product, process and transaction. To make that vision a reality, Cryptowerk powers solutions that notarize digital transactions, data and other digital assets at massive scale. Headquartered in Silicon Valley and with an office in Munich, Cryptowerk was founded by former SAP executives, experts in cryptography and seasoned enterprise software professionals. Contact Cryptowerk at info@cryptowerk.com or visit our website at http://www.cryptowerk.com.

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ABOUT SAP
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All other product and service names mentioned are the trademarks of their respective companies.

Press Inquiries:
Rebecca MacDonald
rebecca.macdonald@crytpowerk.com
+1 (408) 440-7528

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Rebecca MacDonald
Cryptowerk
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