Blockchain in Supply Chain brings Great Value to P2P suite
How to disrupt your Supply Chain with a Blockchain?
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Blockchain in Supply Chain, a form of digital trust
What makes blockchain so important for a Procure-to-Pay solution?
Smart contract manages the creation of rules that will execute under certain conditions, and also distribution of payment via cryptocurrency tokens between Buyer and Suppliers.
Buy and sell products and services with a decentralized Escrow contracts. Digital cryptocurrencies are used to make any payment without the risk of losing money to scams and fraud.
Trust your suppliers
Blockchain-driven KYC (Know You Customer) and AML (Anti-Money-Laundering) verification processes speed up supplier identity verification and simplify onboarding and payment.
Multi-currency wallets allow a secure storage and low cost transfer of crypto-currencies, promoting secure transactions for Buyers and Suppliers Worldwide.
Traceability & Transparency
Track every record into the Blockchain: public IDs, referral mechanisms and ratings/scores, quality of the goods, reliability in delivery and timely payment of invoices.
Accumulated and stored history of transactions would help build trust and transparency.
Since Sourcing Force is involved in Blockchain
Yearly R&D investment to integrate S2P into Blockchain
Spent in Sourcing Force and recorded in Blockchain in 5 years
Blockchain, Too good to be true?
Olivier AUDINO, President’s Vision
” Blockchain as a technology and concept continues to be hyped in the Procure-to-Pay industry. Experimental approaches and innovations like Sourcing Force engagement in Blockchain are of great interest to the B2B Procurement sector.
As a disruptive Procure-to-Pay platform, Sourcing Force empowered by blockchain technology has a significant impact and has the potential to redefine the operations and economics of the Supply Chain services sector. “
Business, a question of Trust
More trust makes Supply Chain easier
If you ever made international trades, you know too well the lengthy and costly process that goes with it. Without going into the details, the process is very paper based and involves a lot of different people, intermediary banks, hence costly and lengthy.
Whenever there is a transaction, there is a transfer of ownership. So, trust is an important factor to make a deal happen. It is precisely the challenge that the Blockchain addresses. It is a form of digital trust that speeds up transactions and removes intermediaries. It is why it can have massive implications in the business world as supply/value chains are interconnected and complex.
Third parties will disappear
Blockchain in Supply Chain revealed
The history in the blockchain is immutable and impartial. Data is shared among parties (publicly or privately) and cannot be changed by anyone.
“Protected from deletion, tampering, and revision. In this world every agreement, every process, every task, and every payment would have a digital record and signature that could be identified, validated, stored, and shared. Intermediaries like lawyers, brokers, and bankers might no longer be necessary. Individuals, organizations, machines, and algorithms would freely transact and interact with one another with little friction. This is the immense potential of blockchain.”
The Truth About Blockchain, Harvard Business Review
Blockchain in Supply Chain: USE CASES
Automate and secure your Smart Contrats
Imagine your supplier contracts on ‘Auto-pilot’ mode. Blockchain in Supply Chain could enable the creation of tamper-proof smart contracts that automatically implement terms of multiparty agreements.
Smart contracts can self-verify their own conditions and self-execute by releasing actions or multi-payment to the appropriate party.
Contracts could be originated to include multiple parties across an entire supply chain with the value and terms fully integrated from end to end, and with the execution of the conditions at each stage recorded against the contract and fully visible to the onward chain.
Improve Purchase Order Management
Buyer and Supplier ordering integration via the Blockchain will secure trust between parties and automate drastically control and reactivity.
Order validation and approval, invoice processing, multi-way matching and the entire request-to-receipt process could be radically enhanced through the application of blockchain in Procure-to-Pay.
Any change at any part of the process will automatically create an exception reducing the total time to completion and permitting much greater automation of transactions.
Procurement Visibility and Traceability
Every transactions (actions and/ or payment) can be visible instantly in the Blockchain by each parties.
Blockchain technology in supply chain will empower the buyer with the means to ensure authenticity and traceability of all goods throughout the purchasing cycle.
Verifiable audit trails of suppliers’ goods will be established. Critical supplier credentials, certificates and qualification statuses will remain immune from forgery and other compromise.
Real-Time Procurement Settlement
Smart Contracts and Blockchain orders could automatically trigger pre-agreed payments or partial payment on completion of the transaction cycle. It means a real Escrow contract that built Trust as a service.
Why are E-Procurement strategies so important ?
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