Prospus is excited to announce the release of our seventh product. Prospus Diligence is a web and mobile-based tool for conducting and sharing investigative audits within a community. It is built with the familiar Prospus Universe user interface but extends it with an optional blockchain component. Our initial launch will focus on using Diligence as a back-end tool for public projects.
Prospus Diligence provides users with the option to write records to a traditional database, or a public or private blockchain. As the first blockchain-based app dedicated to due diligence reporting, Prospus Diligence holds a unique place in our range of products. Not only does it extend our intelligent user interface, but it also solidifies our commitment to dapp development.
Background
“Prospus Diligence is the result of my experience over the years”, said Prospus President and Founder, Marc Ragsdale. “I’ve been involved in diligence audits my entire career. When I registered in 2010 to open my company in India, the RBI audited me and my company. In 2013, we built a insurance application to help a client make credit decisions on new auto dealerships. In 2015, we launched VesselWise on Prospus Quality. The app was used for, among other things, performing detailed damage surveys on yachts used in assessing costs.”
Ragsdale added, “In 2016 we built a digital deal-closing application for the largest retailer in the world in the marine space. The information we were running through our application was used in making financing and insurance decisions on boats. In 2017 we sought funding for a startup and went through a due diligence process on our tech. And just this year in the Caribbean, we partnered with Lelogix to offer e-government solutions for granting citizenship based on investment. Entry decisions are almost entirely based on due diligence audits.”
Market & Features
Given our experience with the auditing process, it made sense for us to explore the market. We quickly learned that there are limits to what can be shared, especially in the public sector. However, even after accounting for those limitations we felt there was an opportunity for a purpose-driven solution. With a single diligence audit costing thousands of dollars, making that information accessible to other members of the community can save both time and costs.
The initial target market for the solution is communities that could benefit from sharing diligence information. There is a transparent process for acquiring the legal consent of subjects for sharing diligence results. Users can customize the application to meet the needs of a specific community through an open licensing model. Our first client, a leading member of the Caribbean nations offering Citizenship By Investment (CBI) programs, will be using Prospus Diligence to secure and share due diligence audits. The new open sharing standard will prevent abuse of the CBI programs, and could one day serve as a global standard for nations offering this service.
Given that the difference between profit and losses for investors is often the quality of diligence, members of the investment community have also expressed interest in Prospus Diligence. We are currently working through some early prototypes, and intend to use our learnings from this engagement to make the tool more universally accessible. Prospus Diligence provides a number of key functionalities out of the box, including:
- Auditor marketplace. Contact and invite certified due diligence auditors to bid on and execute due diligence audits.
- Blockchain-compatible. The option to output records to either a traditional database or distributed ledger (i.e., blockchain).
- Access monetization. Create a paywall between users and diligence records.
- Mobile-first. A convenient, simplified mobile app for audit subjects to submit requested records.
Due diligence audits are costly and time-consuming. Prospus Diligence is a simple way for communities to share diligence results, reducing costs and decreasing timelines. It will be distributed initially on a licensing model, similar to our Prospus Sign product. Prospus plans to integrate Diligence with the greater Prospus ecosystem of applications.
If your business relies on due diligence audits to make decisions, consider Prospus Diligence. Diligence will be available on a subscription, per-sign basis through Prospus directly. Learn more about Prospus Diligence, or schedule a demo by contacting us at solutions@prospus.com.
