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E-invoicing, SCF & E-procurement

Elemica, crossinx deliver blockchain pilot for B2B payments processes

Wednesday 16 January 2019 | 11:11 AM CET

US-based digital supply network Elemica and crossinx have completed a blockchain pilot to improve on B2B processes and support digital transformation.

In the pilot program, Elemica and crossinx, a network for financial business collaboration solution, exist as nodes on a public blockchain, connecting structured data with unstructured data, such as documents, to enable multi-tier payment. In the pilot, two chemical companies facilitate document and data transfer of invoices, purchase orders, delivery tenders and proof-of-delivery posts. With the ability to connect to a digital network, blockchain functionality can be made accessible to support connection of companies, facilitating payment processing.

Elemica’s blockchain pilot project tested the ability to use blockchain to support a many-to-many architecture. Blockchain technology can be used to break supply chain data out of silos and reveal this information to all trading partners regardless of the network they are connected to.

According to Elemica, the benefits of this capability with blockchain could lead to: auto-ordering based on IoT information, automated PO confirmations, auto-invoice creation based on Pickup or PoD, auto-matching of invoices, auto-payments etc.

More: Link
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