Exfluency is a first-mover marketplace-type platform based on blockchain technology in the language industry. It may revolutionize the business model for the entire industry, and we’re here for it.
Summa Linguae is a language and technology services provider from Poland, and we’re happy to announce a cooperation agreement with a legal advisor Wegner & Vleli Ltd., concerning the establishment of a subsidiary in Switzerland.
The subsidiary – Exfluency GmbH (Exfluency) with headquarters in Zug – is in the process of creating a revolutionary blockchain technology platform.
The platform will facilitate the sale and purchase of language and translation resources directly from their owners. That includes, for example, translation memories and machine translation engines,
Language and Translation in the Era of Technology
Blockchain connects AI, deep learning and neural machine translation. Exfluency provides everyone with access to cheap, fast and quality translation.
The platform’s goal is to connect thousands of linguists, organizations and companies. This connection allows them to share linguistic data, and to buy and sell already translated texts.
How will the blockchain platform ensure quality?
Exfluency is built on a community of linguists who offer their services. Translated content will remain the property of its author.
The linguists offer their translation in a pay-per-use model. This means they can sell translated texts to more than one client and more than one time.
All the transactions will be based on the blockchain’s smart-contract technology, which ensures both safety and confidentiality.
What sets Exfluency apart?
Current machine translation solutions offered by popular Internet websites exploit linguists by taking over the translated content – they become proprietary gatekeepers.
Exfluency, on the other hand, empowers linguists to retain ownership and leverage their own work.
The platform will be able to access, share or process personal data. Additionally, the transactions will occur in the peer-to-peer model.
It is the Exfluency community that will have full ownership of the data and will use the platform to sell and re-sell it.
As a result, Exfluency will built its own neural machine translation engines (like Google), the difference being in the ownership. In other words, the Exfluency community has full control, not just one company.
Universal Access to Multilingual Communication
The LSP industry is worth USD 50 billion, and it drives 11 trillion dollars’ worth of economy. And yet, 99% of content on the Internet is still available in one language only.
Krzysztof Zdanowski, the CEO and founder of Summa Linguae (Exfluency’s main shareholder) explains why the platform has a big chance for success:
Our current global socio-economic situation allows everyone, even small or middle-sized companies to sell their products and services all around the world. In theory, their business should only be dependable on demand. But, often, the first serious obstacle that needs to be overcome is the lack of skills or possibilities to communicate in other languages. I mean translating the offer, the website or learning about a market’s local laws and regulations. The translation process nowadays is too expensive and too slow.
According to Zdanowski, easy and accessible multilingual communication is now limited mainly by the high price of translation. Therefore, the limited number of professional translators and a ROI that is difficult to measure.
Impact of Exfluency
Additionally, the access to popular online machine translation engines is easy. The quality varies dramatically, though, and the security and confidentiality of the data there is non-existent.
Exfluency is the answer to a high demand on fast and easy access to translation services and using blockchain will ensure its safety.
Exfluency’s goal is to create a marketplace that is as transparent and as secure as it can get.
It requires financial resources that the company plans to acquire by issuing its own cryptocurrency (ICO), worth about USD 30 million. The cryptocurrency will arrive on the Ethereum platform.
Historically speaking, there are three distinct eras of globalization. The last one started in the early 90s, when the free movement of capital and people was ensured. By creating Exfluency we want to take the first step into the fourth era of globalization: ensuring universal multilingual and multicultural communication.
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