Next Generation Financial Supply Chain.

The use of Blockchain technology and decentralized apps offers huge advantages for Financial Process Automation: onboarding of new business partners takes seconds; the ownership of data remains with each business partner; a true single source of data and business logic is guaranteed; and a network of networks can be established.

Existing Blockchain technology lacks the functionality required to be effective in Financial Process Automation.

Challenges include:

  • Financial data, such as invoice documents or company data, cannot be public. Only trusted partners conducting business with one another should be granted access.
  • Access to decentralized apps needs to be controlled. The business logic can be a competitive advantage and cannot be publicly accessible.
  • Cost per transaction on public blockchains like Ethereum are too high
  • The number of transactions per minute are too low to be of any use for Financial Process Automation

By overcoming these shortcomings, the following advantages can be achieved:

  • Enables business partners to exchange financial documents and company data in a private, verifiable, and secure way
  • Ownership of data including financial documents, follow-up transactions, validated company details and business relationships, remains with the business partner, not with a central organization
  • Data ownership allows for enhanced reputation management
  • Onboarding new business partners is fast and easy—in a matter of seconds
  • Connect different networks and create a network of networks
  • Align business processes by authorizing direct access of data to third parties, such as logistics, credit insurance, or trade finance providers, that offer services including credit insurance and trade finance
  • Allow access to a new generation of applications and services for the financial supply chain
  • One-time implementation of business application logic as a decentralized app instead of many implementations in each backend system reduces costs and is less prone to error
  • Create a seamless end-to-end user experience by directly connecting business processes

avvaneo is your trusted advisor in adopting and implementing new and exciting opportunities in Blockchain for FPA.