Smart Contracts

Problem:

The customer needed a way to conduct their contracting in a more efficient, effective, and error-proof manner. Traditional databases weren’t giving them the control and efficiencies they needed. Proposals were siloed from the rest of their supply chain, and they knew if they happened to procure a faulty part it was going to be hard to quickly identify where it came from and where else it might be in their chain. Sometimes it could take months to find the source of a contaminated or faulty product. Our customer didn’t want to be forced to shut everything down while they searched it out, especially when they knew that, during that time, vendors or partners could modify records to cover their tracks.

Solution:

Our smart contracting module allows the customer to track acquisitions, connect with vendors, gather electronic signatures, have one centralized repository of questions and answers, capture vendor performance, and conduct invoicing – all from one easy to use dashboard. And with integrated procurements all their purchases are identifiable by lot number, vendor, date, quantity, style, etc. Plus, it’s all backed by our flexible and secure private blockchain technology, so they have complete confidence that the data they’re reviewing – from timesheet hours to payment amounts – is accurate. Now when our customer has a problem, they can immediately identify who, what, where, and when. This has saved them millions of dollars in lost production time.

Get a Demo