Advantages of the proposed Solution

Here are some notable advantages of the proposed implementation of Blockchain Technology in Vendor Governance.

  • Self-Audit:¬†Blockchain based system will ensure that each party holds their end of the bargain without any need for the third party. Therefore the smart contract technology would trigger automated invoicing and payment processes between the two companies.
  • Cost and Time Efficient: The workforce and charges incurred for conducting these contracts will be reduced.
  • Even SMEs are Secure: SMEs avoiding consultation charges to be more cost efficient can now, perform vendor governance cost efficiently.
  • Satisfaction: Enabling the businesses outlook for the value, service providers will get a look for the timely payment, therefore with the proposed system, both parties will be satisfied.
  • Scrutinizing the SLA: With the advent of Blockchain, SLA is full proof now without any chances of fraud.
  • A Trust-free System: The platform will ensure, immutable records holding, hence agency involved can’t perjure itself.

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