Listen to this articleBelow is our recent interview with Stefan Rust, CEO at Truflation:
Q: Stefan, can you tell us something more your company?
A: Sustainable economic growth can only come from a common understanding of the facts used as a basis for decision making. To meet this need, Truflation built a first-of-its-kind infrastructure to provide unbiased financial data on a secure blockchain to enable faster, more intelligent decision-making.
Truflation is based on real market price data collected from more than 30 different data sources daily to deliver crucial business intelligence around inflation. We provide a daily, unbiased, data-driven, real-market inflation indices and other on-chain economic metrics to financial products and Web3 applications through the Chainlink oracle network and off-chain via a free public dashboard and APIs.
Q: Any highlights on your recent announcement?
A: UK index showing CPIH inflation running at 13.8%. This is 68.3% higher than the official figure of 8.2% released by the UK’s Office for National Statistics (ONS) last week.
The rising cost of privately rented housing is a significant factor in the discrepancy between these two figures. According to the ONS, private rents in the UK grew by 3% in the year to June 2022, while Truflation’s more up-to-date figures show growth closer to 10% in the year to 24 July.
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Q: Can you give us more insights into your offering?
A: Our data is already being published daily and available to the public at app.truflation.com.
Truflation has access to global, high-quality household expenditure data. Our categories and their relative weights are based on that data and comparable across multiple countries. Each of its CPI indexes has the same 12-category framework and calculation methods based on the US CPI.
The weights are established by taking multiple data sources, including census and mini census data, BLS/ONS surveys, and multiple other data sets to create a consumer expenditure database that is then validated with 3rd party sources, e.g., food spending with Kantar and Nielsen, mortgage spending with banks, etc
Truflation data is available on-chain through a leading decentralized oracle network, Chainlink, because it makes it easier to use by blockchain developers. Chainlink translates real-world data like Truflation’s indices to the programming languages of different blockchains so data can be used in creating novel economic products and programmable money/contracts, i.e., self-adjusting digital salaries, inflation bonds, TIPS, etc.
Q: What can we expect from your company in next 6 months? What are your plans?
A: The project is quickly expanding into new markets, is completely customizable, and can be easily scaled and rolled out across different countries, markets, and geographies using the same reliable methodology
Not only will Truflation be expanding into new markets but it will also focus on diving deeper into the data providing more granular insights for users.
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Q: What is the best thing about your company that people might not know about?
A: By measuring inflation more accurately and in a more timely fashion, Truflation hopes to improve business processes and decision-making for everything from procurement and supply chain optimization to resource planning, marketing, and pricing.
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