DeBuNe: A Decentralized Business Network Powered by the Blockchain
by Fintech News Singapore September 1, 2015DeBuNe, or DEcentralized BUsiness NEtwork, is a decentralized peer-to-peer ecosystem of small and skilled businesses – referred as Business Units – that provides small companies and freelancers the relevant tools to collaborate, market, offer and monetize their expertise or products “more efficiently and effectively than any other market-based service.”
DeBuNe is a built on the Nxt blockchain and consists in a network of Business Units that is supported by a “transparent, secure, and agile set of transactional and collaborative technologies,” according to the white paper.
On the network, Business Units provide services and products to match requests. Each Business Unit builds peer-acquired reputation and can establish its presence within the business network.
“Users of DeBuNe can create networks of specialized Business Units which are shaped by the projects they take on,” explains Jean-Daniel Gauthier of DeBuNe’s Board of Director. “And thanks to Nxt and the blockchain, transactions are secure.”
All the transactions occurring on DeBuNe are recorded and publicly available to users. As there is no central governing or regulating body, blockchain technology allows for transparency at all levels, and most importantly transparency on transactions and Business Unit performance. As the company explains:
“Transparency between every party involved in a transaction is a pivotal component of the network: it enables informed decisions, traceability, greatly reduces the risks of disputes, and offers no opportunity for forgeries and frauds.”
Until DeBuNe meets its creators’ strict standards, the system will be kept as a closed source project. Once the system will be fully operational, DeBuNe will become completely open source.
“The system […] will have a life on its own and will be open for many more implementations from chat apps to social networks, to secure voting system, the possibilities are endless,” Gauthier argues.
Meanwhile, DeBuNe has caught the eye of many fintech entrepreneurs. The project has been selected to as one of the finalists of Startupbootcamp Fintech Singapore 2015, a program that aims to boost the most promising fintech startups, which ended in July.
The team behind DeBuNe is also the team behind Open Trade Docs, a blockchain-based record-keeping system that seeks to provide an innovative method for sharing dematerialized trade documents.
Read DeBuNe’s white paper: http://debune.org/DeBuNe.pdf
Watch the video presentation:
