Blockchain technology is poised to have a revolutionary impact on the way we transact business, particularly the exchange of business document transactions commonly referred to as EDI (Electronic Data Interchange).
Traditional accounts receivable processes result in vendors and customers having their own set of truths about the transactions that occurred. Reconciling those transactions from two independent ledgers does not always lead both parties to the same conclusion.
This is where blockchain technology, also referred to as "the block," comes in. Mistakes, misunderstandings and other problems that commonly require weeks and months to unwind are detected during the insertion of the transaction into the Block. Sounds great, doesn't it?
There are nuances to the technology but understanding its strengths, weaknesses and interoperability with EDI and ERP solutions is key.
Read "Blockchain Technology Impact on EDI and ERP Systems" to better understand this groundbreaking technology, why its the future of error-free transaction processing and how you may be able to leverage it.