IBM Contingent Labor (blockchain platform)

2020: Announcement

At the beginning of February, 2020 IBM announced a solution blockchain for work with contractors. The platform under the name IBM Contingent Labor allows to trace automatically the sheets of a time recording, purchase orders and other data connected with contract work.

As reported in the press release, IBM was engaged in the project on process automation in cooperation from consulting IT People blockchain firm since 2018. Earlier employees manually had to check supplier accounts, schedules and contracts of new contractors.

IBM announced a solution blockchain for work with contractors

The blockchain platform of IBM not only collects all data in one place, but also provides transparency of transactions and a possibility of audit. "Smart" contracts in turn provide timely payment without discrepancies. IBM claims that "smart" contracts alone will save to contractors 2% of annual costs.

One of the biggest problems of all suppliers and contractors is acoount reconciliation. Though initially IBM Contingent Lab represented the solution for process management, the companies already study ability to integrate the payment solution. Relying on Hyperledger Fabric and IBM Blockchain, the platform will allow suppliers to load accounts and purchase orders. Payments can be automated on the basis of the received "smart" contracts, but also, such contracts can generate supplier invoices on the basis of the approved schedules which are stored in a blockchain.

IBM expects that the blockchain platform will facilitate process of providing invoices, will provide observance of regulatory requirements and also will significantly cut down expenses of the companies. The company hopes that IBM Contingent Lab will occupy honourable the place among others a blockchain initiatives of IBM.^[1]

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