IBM Unveils New Blockchain Tool for Enterprises

IBM has just deployed a new Blockchain solution to address issues related to non-regular employment contracts.

February 07th, 2020

Called Contingent Labor, this new system consists of organizing the time schedule of temporary employees in conjunction with the processing of purchase orders and related invoicing, and this, in an automatic manner. In order to better manage the transfer of information between employees who take turns completing tasks, IBM is relying on Blockchain technology to optimize processing time, knowing that there are many more casual workers in companies.

Burton Buffaloe, IBM’s leader in global logistics and Blockchain, said :

“One of the biggest problems for all suppliers of subcontractors is invoice reconciliation. The Blockchain lives in spaces where there is friction and discrepancies”.

For IBM in particular, the adoption of this new system is a real achievement, yet a Chinese company had already discovered the concept long before the American giant. Indeed, Tencent, the Chinese internet giant behind the social media platform WeChat, provided Shenzhen Tax Service with a Blockchain-based billing system last year. In November alone, the company was able to process invoices worth more than 7 billion yuan or nearly $995 million.  Several international players share IBM’s recognition of the virtues of Blockchain technology for invoicing.

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