DEFINITION of Monax (Cryptocurrency)
Monax is an open technology platform that allows developers to build, run and distribute a wide range of enterprise-grade solutions offering various blockchain-based applications for a variety of business functions, processes, and ecosystem.s
BREAKING DOWN Monax (Cryptocurrency)
Monax offers smart contract-based software development kits (SDK) that allow businesses to build and leverage advanced ecosystem applications for their requirements. Its offerings include a command-line interface toolkit that is used for blockchain lifecycle management, and a database blockchain client.
An increasing number of businesses are now using different variations of distributed storage technologies, blockchain, and smart contracts for sharing data securely, reducing network redundancy, and communicating more effectively with other participants, such as external vendors or suppliers. Monax’s ecosystem applications are aimed at supplementing the workflow of the emerging blockchain ecosystem and enhancing performance through the use of smart contracts.
A lot of areas where Monax applications can be used include efficient supply chain management, resulting in secure collaborations and reduced operational costs among different business departments and entities, the seamless management of vendor operations, and claims management with reduced chances of a fraud.
Real world Monax ecosystem applications include an insurance company that can use Monax’s tag and track ecosystem application to receive instant and full coverage of the stock currently held by an insured company, which allows the insurer to adjust the necessary policies in real-time. The logistics SDK of Monax can be leveraged to ensure the authenticity and security of physical goods that move through a supply chain. A retail bank, for example, that has to deal with paper documents for regulatory needs can use Monax’s Dual Integration add-on module. It enables tracking of the documents in a variety of content addressable storage mechanisms and also links those rights and responsibilities to other contract suites as needed.
Monax started as Eris Industries in the year 2014, and switched the name to Monax in 2016. In February 2017, Monax was accepted into the Hyperledger, the Linux Foundation-led open-source consortium. Around the same time, Monax also joined another consortium called Enterprise Ethereum, an alliance that connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. Some of the leading companies and institutes that use Monax ecosystem applications include PWC, SWIFT, Accenture, Ernst & Young, Deloitte, and Amazon Web Services (AWS).