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Trakti automating control with blockchain Photo by Maximalfocus on Unsplash

Automating controls and compliance with blockchain

on July 28, 2021

Photo by Maximalfocus on Unsplash.

Automating control in your company with blockchain is the next step in the digital transformation of companies of all sizes and types. Blockchain technology can create greater efficiency than we’ve ever known while reducing delays, costs and errors. 

Blockchain is transforming the business world and the way we transact. It’s already revolutionizing recordkeeping, automation, security, and traceability.  Virtually all business-critical functions like supply chain, inventory control, record management, external data-sharing, transactions, and compliance benefit from blockchain adoption. Automating control in your company with blockchain is the way of the future.  

What is blockchain?  

Blockchain is a ledger-based transaction system that uses decentralized record-keeping hosted on a peer-to-peer network. So, instead of one single database storing and controlling everything, the information on a blockchain is decentralized. Control is distributed among many different nodes.  

The data is encrypted and immutable (it can’t be changed or altered), and thus is highly secure and less vulnerable to single point of failure attacks. Blockchain technology can dramatically improve efficiencies across entire manufacturing and supply chains. Automating control in your company with blockchain can enable you to take advantage of increased security and transparency in data sharing and record management. 

Because of the way blockchain operates, it holds records of data and events that make those records tamper-resistant. You can see it, add to it, but you can’t change what happened, and you can’t delete it. The information is a permanent record. 

This speaks directly to what makes contract management efficient: transparency and traceability. And that’s why blockchain is such an attractive option for the supply chain: as a digital, distributed, immutable, secure ledger technology, blockchain can store and exchange contract details, coordinate logistics, and streamline disjointed (or disconnected) processes. And smart contracts do it in real-time. 

Blockchain technology can create greater efficiency than we’ve ever known while reducing delays, costs and errors (human and electronic).  The result: if there’s a problem in the supply chain, you can pinpoint it in minutes rather than hours or days. 

When it comes to contract management, automating control in your company with blockchain can result in a more secure, transparent, and hassle-free way of doing things. Data immutability and decentralized authority are important in the supply chain because it is a process where a continuous record of data needs to be maintained.  

Blockchain has significant potential to increase efficiency along the entire contractual settlement process including execution, payment and dispute resolution.  As digitized documents and real-time supplier data become embedded in Blockchain-based systems, this information can be used to enable smart contracts. These contracts can automate commercial processes the moment that agreed conditions are met. 

Blockchain can be applied to every big, small, and medium business. It can streamline the growth of a business by facilitating processes in different ways. Many companies are embracing the potential of blockchain technology to ensure rapid growth and efficient execution of business processes across multiple verticals. Don’t miss out on this opportunity.

Explore how Trakti can help with automation for your business. 

Dennis BuonfiglioAutomating controls and compliance with blockchain

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