Actionable items from voice with full traceability
Established in 2020
Teaser of the company
isLucid was born from the need to capture details of verbally created items. Once the solution combining transcription and connectors to existing Project Management software is made, companies understand the traceability of tasks and approvals, which are important once action points are identified. isLucid is addressing this need using Azure Blockchain DLT.
isLucid has developed the following blockchain-based prototype in the scope of BlockStart:
Companies that need traceability of actionable items made in conference calls can now easily store information in a secure and traceable way with Microsoft Azure Blockchain. In regulated sectors e.g., Automotive, MedTech, FinTech use the ease of mind and focus on conversation, while actionable items (created in real-time from transcription) are stored in your PM software with an evidence of participants, items information and storage location within the Blockchain. Balanced for Account Managers, great for Product Owners, Project Managers and other managers with cross functional teams.
Technical development during Prototype stage
During the development of isLucid Traceability, the following technical developments have taken place:
isLucid created flexible smart contracts, enabling to store different information independently from the project management software used. These smart contracts are created using the Blockchain Wrapper API service by isLucid. This enabled isLucid team to support multiple different platforms, not locking the solution only to Microsoft ecosystem.
Updated records creation together with newly introduced project scope enabled to chain records based on meetings, meeting participants (with connection to Azure Active Directory unique and traceable user IDs), retrieve this records and validate against records entered during the original meeting. It is a common thing in industry to update tasks, descriptions after the meeting, while current implementation lets to actually confirm what was discussed during the meeting and what was altered (potentially) without the consent of all stakeholders.
Business development during Prototype stage
During the development of isLucid Traceability, the following business developments have taken place:
During the programme isLucid identified sectors in which lack of traceability hurts the most. The company adjusted the target customer position to Account Manager, Head of Account Management within heavily regulated industries, e.g., Helthcare, MedTech, Automotive, Finances.
Based on the feedback isLucid received from companies interviewed, messaging was also adjusted to focus more on gains brought by the traceability.
The company plans to hire 2 more sales people and 2 developers.
Number of potential adopters reached out: 50+ | number of potential adopters met: 7
Number of interesting prospects/leads you acquired during Prototype stage: 3 | number of pilots committed: 5+ | number of clients committed: 5+
Meet the Team
We joined this project with a will to bring traceability feature around the blockchain implementation. We leave with an understanding on how to market a product enabling users in regulated industries to have a trusted recorded evidence which meets regulatory requirements. All the learning and navigation from feature to product mindset happened with the help of BlockStart
Total funding received by UAB Lucid Agreements under BlockStart: €16,000 (€1,000 for Ideation Kick-off and €15,000 for Prototype stage)