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Experienced Fintech Experts Launch Canadian Blockchain Venture

TORONTO, ON – Business-to-business (B2B) transactions account for over $23 trillion in trade1, representing a large and fast-growing part of the global economy. Yet despite the maturity of automation technology for business-to-consumer (B2C) transactions, where online transactions with automated order processing are common, B2B eCommerce is still in its infancy.

For most businesses, over half of their transactions require human intervention2, resulting in a slow and expensive process. Sparcblock, a new venture launched today, is tackling this problem with blockchain and artificial intelligence (AI) technology.

The largest barrier to automation in B2B transactions is each business by necessity maintaining its own ledger of all its transactions, and keeping this ledger private to protect confidential information. The siloed and separate ledgers involved in each B2B transaction result in the need for redundant data entry and reconciliation by both the buyer and seller.

Utilizing a shared ledger with secure and private channels for transactions, the parties in a B2B transaction can now share a common confidential record of their transactions that automatically synchronizes with their individual company ledgers - without manual intervention.

“This is one of the most exciting leaps forward I have seen in 30 years of working in transaction automation,” notes Wally Vogel, a fintech executive and director at Sparcblock. “Utilizing blockchain and artificial intelligence, B2B transaction costs can be reduced by up to 71%, so we’re excited to see this opportunity for Canadian business to increase profitability.”

The Sparcblock team brings together entrepreneurs, software architects, research scientists and seasoned business executives. Combining knowledge of the latest technology with decades of experience in business process improvement uniquely positions Sparcblock to create innovative and practical applications. Sparcblock is part of the blockchain ecosystem that is rapidly developing in Toronto, with the potential for the area to become a global leader in blockchain technology.

For more information, visit http://sparcblock.com/.

Sparcblock is a technology company focused on helping businesses reach their performance objectives by streamlining B2B transactions. Leveraging cutting-edge technology and deep industry experience, Sparcblock delivers practical solutions that reduce costs and accelerate the speed of transactions, while maintaining integrity and transparency.

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