Processing payments for thousands of contractors is an onerous task large enterprises grapple with as they hire outsiders for technical and business services. IBM licked this challenge using blockchain software to curb the costs and time it takes to process invoices generated by contingent labor workers.
IBM’s Contingent Labor on IBM Blockchain automatically tracks time sheets, purchase orders and other information and secures the appropriate approvals by the approved parties, says Burton Buffaloe, leader of IBM’s global logistics and blockchain efforts.
