Advantages of the proposed solution

  • Self-Auditable:¬†Blockchain based system will ensure that each party holds their end of the bargain without any need of 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 fees required for conducting these contracts will be reduced.
  • Even SMEs are Secure: SMEs which are trying to avoid paying fees for the consultation 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 Trustless System: The platform will ensure, immutable records holding, hence agency involved can’t perjure itself.

Was this article helpful?

Related Articles