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Business blockchains

Business blockchains

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SUMMARY

This  report highlights that business blockchains will aid firms to overcome challenges in the procure to pay process. Blockchain offers also a complete and verified transaction record in chronological order. It also enables data to be shared in real-time.

Business blockchain can be used as well to agree on the details of the business order. The order confirmation is originated automatically on the blockchain according to the agreed information, therefore there is no risk of a misaligned confirmation.

Business blockchain offers the possibility to use smart contracts. These reduce manual errors by automating actions, the paper indicates. Besides, business blockchain can automate VAT settlement and reporting by sending validated invoices among involved parties with blockchain.

According to this Deloitte study, blockchain can stimulate corporate treasury functions as it brings all parties across firms into just one platform to enable the sharing of real-time data.

The paper explains how to develop a business blockchain proof of concept and how to set up the foundation for a viable ecosystem. It also takes a look at the approach companies can take on a business blockchain implementation project. The paper reveals how to create a qualified proof of concept, and how to expand the PoC to a full-scale and commercialized business solution.

OUTLINE

Business blockchain - Streamline procure to pay processes and automatic and near real-time VAT settlement

How blockchain helps treasury within finance departments

How to set up a business blockchain

Business blockchain implementation

DETAILS

Overview

Researchfinder Rating
4 out of 5 stars
Title
Business blockchains
Region
Global
Published
Aug. 1, 2019
Publisher
Deloitte
Author(s)
Jakob Asmussen, Ulrik Knudsen, Lasse Nolsøe Andersen, Sarah Schannong
Price
FREE
Language
ENGLISH

Content

Number of Pages
20
Number of Tables
0
Number of Exhibits
11
Topics
blockchain
Tags
blockchain, Deloitte, global, smart contracts
Author(s)
Jakob Asmussen, Ulrik Knudsen, Lasse Nolsøe Andersen, Sarah Schannong
Methodology
Not available.
EVALUATION

This is an interesting research by Deloitte on business blockchains.

Positives:

  • Nice layout
  • Good graphics

 

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