Losing Sleep Over Invoices? Blockchain Might Be Helpful!

1 min reading

IBM, a technology giant, has developed a unique tool that is supposed to automatize the process of concluding contracts for part-time jobs which will be beneficial for both employers and employees. And all that thanks to blockchain!

New prospects

The CIO reports that it is possible for blockchain technology to eliminate the discrepancy in the conclusion of temporary contracts. People who introduce such a form of employment quite often encounter numerous problems when it comes to settling large amounts of documents. These types of contracts do not provide contractors with a sense of security.

A great number of companies are still not automatized as far as such complex tasks are concerned. According to Burton Buffaloe who deals with global logistics at IBM, one of the biggest contractor suppliers's problems is the reconciliation of invoices. This, in turn, could be resolved quickly if the blockchain was used as this technology is an ideal alternative on this level.

The system constructed by IBM is to automatize tracking of orders that were accepted and executed by contractors. If the tool proves to be successful, the technology giant will implement it to the market.

Blockchian solves many problems

IBM is not the only company that presented such an idea, of course. The owner of the Chinese social networking site WeChat, Tencent, for instance, launched a platform using blockchain to settle invoices last year. The platform is called the Shenzhen Tax Service. Moreover, since November 2019 it has settled the invoiced worth as much as 7 billion yuans. 

As it turns out, blockchain is becoming more and more popular. The research shows that up to 60% of IT directors expect that this technology will be introduced in a lot of companies over the next 3 years. Huge companies in the financial services or logistics sector are already using it in making transactions and in the verification of the origin of products.

Some time ago a piece of information about this technology being used in the new corporate strategy of the Mercedes-Benz car manufacturer appeared. The blockchain-based tool's aim is to increase transparency in the cobalt supply chain, as well as to make it possible to track gas and secondary materials emissions.