Summa Linguae S.A. (SUL) – a publicly-owned language and technology services provider from Poland – has signed 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 platform based on blockchain technology. The platform will facilitate the sale and purchase of language and translation resources, such as translation memories and machine translation engines, directly from their owners.
Exfluency is a first-mover marketplace-type platform based on blockchain technology in the language industry. Given that, it may revolutionize the business model for the entire industry.
By connecting AI, deep learning and neural machine translation with blockchain, Exfluency provides everyone with access to cheap, fast and quality translation. The platform’s goal is to connect thousands of linguists, organizations and companies and to allow them to share linguistic data, and to buy and sell already translated texts.
How will the platform ensure quality? Exfluency will be built on a self-regulatory community of linguists offering their services. Translated content will remain the property of its author. The linguists offer their translation in a pay-per-use model which 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.
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 not be able to access, share or process personal data, and all 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 – it will be fully controlled by the Exfluency community, not just one company.
The idea behind the platform is universal access to multilingual communication. The LSP industry is valued at USD 50 billion, 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 Krzysztof Zdanowski, easy and accessible multilingual communication is now limited mainly by the high price of translation, the limited number of professional translators and a ROI that is difficult to measure. What is more, the access to popular online machine translation engines is easy, but the quality varies dramatically 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 be created 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.
Introducing Summa Studio
Summa Linguae Technologies is proud to announce the launch of Summa Studio, our all-in-one multilingual co...
Summa Linguae Technologies Canada/US Obtains ISO 27001 Certification
Summa Linguae Canada/US has officially obtained ISO 27001 certification. The certification demonstrates ou...