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Blockchain Technology And Contract Management Jointly To Provide Greater Transparency

Relationship between blockchain technology and contract management can be improved in order to provide greater transparency. This connection can’t just be improved for providing this greater transparency, but this connection can also be improved for providing execution speed and improved compliance.

Icertis is a software company who has made an announcement of collaborating with an American multinational technology company called Microsoft.

An application related to the blockchain technology will be expanded into this contract management. Prototyping of blockchain solutions will be allowed fastly on a framework called Icertis Blockchain Framework with the help of Microsoft Azure Blockchain Workbench. This will be allowed for Icertis Contract Management (ICM) platform global customers. An ecosystem of Service Bus, Azure Active Directory, Logic Apps, etc will be leveraged into an environment called the Azure Blockchain Workbench environment with the help of the framework. This will be leveraged for the development of a foundation related to a platform called the next-generation smart contract platform of Icertis. Azure Cognitive Services components and the framework will be connected with the ICM platform. Providing business solutions is a reason behind this connection. AI/ML and blockchain technology can be optimized through the solutions.

Solving problems related to this contract management is a purpose of the software company Icertis. 3M, Airbus, Cognizant, Daimler, Microsoft, and Sanofi are the companies who use a platform called the AI-infused Icertis Contract Management (ICM) platform for the management of 5.7 million contracts in 90+ countries. Businesses can be expedited, contract velocity can be increased, protection against risk can be possible, regulatory & policy compliance can be ensured, commercial relationships can be leveraged, revenue can be maximized, and costs can be reduced with the help of Icertis.

The American multinational technology company called Microsoft was established in the year 1975. Empowering every person is a mission of Microsoft. Empowering every person is not the mission, but empowering every organization is one more mission. It has 114,000 passionate employees. Its business is expanded into 170 countries, according to the official site of Microsoft.

Blockchain technology and distributed ledger systems [Ethereum and Corda] can be connected with a proactive and methodical management called enterprise Contract Lifecycle Management (CLM) system. The framework can be deployed for tracking contractual requirements, obligations, commitments, etc. A new level of collaboration, visibility, and accountability can be enabled. Child labor and conflict materials related to supply chains can be solved through this new approach. The framework is built upon platforms like Azure, Blockchain Workbench, Cognitive Search and Cognitive Services, according to the official site of icertis.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Shabnam Dhar is a Copy Editor for OWLT Market.

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