Kapitalise facilitates R&D tax credit claims through a blockchain-secured platform enhancing security, transparency, and efficiency.

Project Description

Kapitalise is a cutting-edge platform specializing in securing R&D tax credits, aimed at supporting business innovations across various sectors. With a focus on maximizing R&D claims, Kapitalise employs innovation funding experts proficient in identifying qualifying expenditures. In addition to its core services, Kapitalise actively leads 'WATSON,' an EU-wide study that evaluates the impact of R&D tax incentives, showcasing its influence in the Research & Development Consultative Committee sponsored by HMRC. The platform is designed to cater to businesses looking to optimize their innovation funding, providing a user-friendly interface that streamlines the process of securing R&D tax credits. Kapitalise leverages its robust, blockchain-based infrastructure to ensure all Know Your Customer (KYC) data is secure, transparent, and immutable. The technology behind this platform includes a secure approval workflow that allows efficient document sharing, keeping regulatory compliance in check. By seamlessly integrating with various banking institutions, Kapitalise not only saves time for its users but also enhances the operational efficiency of financial institutions. This innovative approach represents Kapitalise’s commitment to leveraging technology to improve client convenience and compliance with regulatory standards, marking a significant advancement in the financial services industry.

Scope of Work

The original goal of the Kapitalise project was to address the challenges faced by businesses in securing R&D tax credits. The primary challenge was ensuring the security, transparency, and immutability of sensitive KYC data used in the process. Businesses needed a seamless and efficient way to manage and verify this data while maintaining regulatory compliance. Another significant challenge was creating a platform that could integrate seamlessly with various banking institutions to offer quick and reliable KYC verification. The core aim was to build a user-friendly interface that could facilitate efficient document sharing, approvals, and ultimately, enhance operational efficiency for businesses and financial institutions alike. Additionally, the scope included a goal to impact the broader landscape through coordination with significant EU-wide studies, like 'WATSON,' shedding light on the efficacy of R&D tax incentives. By leveraging blockchain technology, Kapitalise aimed to provide not only a solution for immediate business needs but also to set a benchmark in how financial services can be improved through technological advancements.

Our Solution

The solution implemented for Kapitalise was multifaceted, centering around a blockchain-based infrastructure to ensure data security and transparency. This involved creating a secure user registration and login system, utilizing email/password and WalletConnect options. Separate interfaces were designed for admins, customers, and banks, akin to the provided reference, allowing distinct and secure access levels. The document upload and KYC mechanisms ensured a robust administration review and approval process. For secure document storage, IPFS integration was utilized, and blockchain was employed to store document hashes, providing transparency and facilitating verification processes. The development and refactoring of smart contracts were essential for optimizing blockchain interaction, ensuring efficient operation and user satisfaction. The backend setup was also crucial, facilitating document management, IPFS interaction, and efficient frontend data retrieval, all contributing to a seamless user experience and meeting the project’s objectives of security, efficiency, and regulatory compliance.

Key Features

• Blockchain-based KYC Data Security: Kapitalise employs a blockchain-based system to ensure that all KYC data is secure, transparent, and immutable. This feature guarantees that sensitive information remains private and only accessible to authorized users, enhancing trust and compliance with regulatory standards.

• Seamless Bank Integration: The platform's ability to integrate with various banking institutions facilitates quick and reliable KYC verification. This integration not only saves time for users but also enhances the operational efficiency of participating financial institutions.

• User-Friendly Interface: Kapitalise offers a user-friendly interface that streamlines the process of securing R&D tax credits. Features like secure login, document upload, and an approval workflow system make the platform accessible and easy to navigate for both businesses and financial institutions.