ELIMINATe DATA ENTRY and RECONCILIATION - add unprecedented audit capability...
Shared Ledger WITH erp cONNECTIVITY
In traditional B2B commerce each party has their own "version" of each transaction which they have entered into their ERP or accounting system. Since the data is entered separately into each ERP this leads to redundancy, delays and inevitably errors and synchronization problems. In other words the respective parties have transaction records which do not match in their ledgers.
Incorporating a shared ledger, which can be read from or written to in real time using an API interface to the ERP system eliminates dual data entry and synchronization errors. Both parties see the same data in the ledger and are therefore reconciled by design.
This is achieved using permissioned blockchain technology - which only allows access to the parties that have been granted permission to the ledger (typically the transaction parties). This ledger has the further advantage of being an immutable record of the entire sequence of events in the transaction. This means that subsequent audits are simple and certain.
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