There is a lot of hype around blockchain these days and many of the solutions being thrown around are not only years away, there is a strong chance they will never even happen at all.

This isn't the case of course with all blockchain solutions, and quite a few companies have dedicated their attention and resources to developing practical blockchain-based solutions that solve major problems. Most importantly, these solutions are more than ideas, they are products that are ready to take to market.

One of those companies is aXpire. Fresh off a successful ICO which raised $20 million in 89 hours, we sat down with their CEO Gary Markham who opened up to discuss with us their vision for the future, and how blockchain will revolution the way enterprises operate.

What’s the history of aXpire? How and where did you begin?

aXpire began as a spinoff of LSG, an InsurTech company based in New York. We were approached by a $24Bn hedge fund with a need for cost apportionment and spend management in their mid and back office; they were time and cost-laden with Paper, PDF, and Spreadsheets (PPS), and we saw a need to change that.

The fund had good optionality and exposure to horizontal software providers, such as Oracle/SAP, but they couldn't overcome data silos between existing software providers in their mid and back office. Software like Quickbooks and HazelTree kept key data separate, so they came to us looking for a new way to improve visibility and interoperability.

What problem does aXpire solve with blockchain? Who do you solve it for?

aXpire solved the need for real-time, or close to real-time, visualization of spend with the ability to quickly implement reporting. Blockchain allowed us to do that in the most secure way possible. We currently solve this problem for asset managers, but there's a whole spectrum of industries we can work with. Instead of splitting costs in real time across funds, as we do with asset managers, we could easily split costs between cost centers.

Companies throw away 20% of their revenue dealing with data quality issues, and spend management is frequently a contributor to that inefficiency. In a broad sense, we're digitizing the provision of services from businesses to other businesses. We also see the potential for this type of software in the peer-to-peer space.

What is your solution to their problem?

We offer a sleek, modern dashboard that requires electronic invoice input. By sourcing better data we can prevent the garbage-in, garbage-out problem, ensuring that all data outputs offer helpful insights. Additionally, our machine learning-enhanced software can automatically approve invoices that meet criteria set by a database of previously approved invoices from similar vendors.

We also offer an RFP portal that removes any vendors that are not suitable for the job – an issue we can sort out before the job is even initiated. This means we can help clients streamline the RFP process and save time that would have been wasted vetting vendors that would never make the cut.

Ultimately, all of this reduces the time it takes to approve an invoice from hours to seconds/minutes, and third-party service providers can see, in real time, the status of their payment. For us, the equivalent would be the movement from paper-based spreadsheets to excel, both get the job done, but one requires significantly less time and provides considerably more accurate results. That’s why blockchain is so exciting for enterprise applications. It can speed up processes, reduce errors, and make transactions more fair and transparent.

What are the top three enterprise blockchain trends you see in 2018?

1) Given the stresses companies endure while running their business processes on PPS, managers are more willing than ever to try novel solutions, including ones that are blockchain-based. Public facing materials incorporating the prospect of enterprise PR solutions will continue to increase as the technology gains social acceptance.

2) Companies will start rolling out promised blockchain solutions, shedding light on which blockchain tools truly add value, and which business processes are less compatible with the new distributed architecture.

3) Education and collaboration around blockchain enterprise software solutions will continue to grow in 2018, and early adopters will have the first-mover advantage.

What's the future of blockchain applications for Asset Management, and RegTech?

The size of the average bank compliance department has become ungainly. In fact, you could probably fill London's Wembley Stadium with a mere two to three of them. Any process that requires that much staffing and space is ripe for disruption.

As clients and regulators continue to demand real-time data on asset status and spend, the concept of throwing more bodies at the problem is becoming continually less attractive to solution providers. Blockchain represents a clear outlet for facilitating real-time visibility on the status of a variety of assets and transactions, without requiring an increase in staff. In fact, it will help organizations keep processes lean, and possibly reduce entry barriers.

We think blockchain solutions represent a vital solution to the growing complexity of asset management and RegTech. There will, however, need to be a significant UI facelift to drive widespread adoption, as existing applications are relatively clunky. That’s why we’ve worked so hard to create a user-friendly approach, and we hope to become the Salesforce of blockchain in RegTech. In doing so, we aim to provide both a quality solution and a quality experience for our clients.