Blockchain
Based Procure to Pay Solution Development Services
Accelerate the procure to pay cycle on a Blockchain platform for enhanced management of goods, services and resources.
About Code Elevator
Blockchain for Procure to Pay - Fastened Monitoring and Disbursement
Procure-to-Pay (PTP) is a multi-step process that connects a client with one or more service/product providers. Furthermore, it involves identification and authentication of stakeholders, budgeting, invoicing, and payment settlement.
Our Clients
Challenges in the Traditional PTP Process
Procure-to-pay is a complex business processes, spanning multiple systems and operations. It is vulnerable to fraud, money laundering, and process inefficiencies. Being a critical business process involving huge cash flows, it has to address various challenges in terms of operational processes, transactions, and visibility across the supply chain. The current procure-to-pay process is beset with inefficiencies, such as manual and time-consuming functions, duplicate data, and more issues in reconciliation.
Given below are the common PTP challenges that impair the ability to effectively execute and manage the key activities.
Reduced Accuracy
A manual, paper-based data entry process escalates the risk of errors
Lack of Visibilitys
Delayed exchange and accessibility of information across the supply chain
Forged Invoicing
Inexistence of centralized history of transactions
Delayed Transactions
Manual routing and sign-off processes decelerate the payments
High Costs per Invoice
Resolution of human errors increases the cost per invoice
Code Elevator Approach - Blockchain Solution for Procure to Pay
Blockchain technology can disrupt the PTP process and provide operational benefits like better transparency, security, and efficiency in transactions. Furthermore, blockchain in procurement can decrease the workload of streamlining by automating the exchange of information
We harness blockchain technology for procure to pay, to create a solution that covers the entire spectrum of PTP processes – from scanning and processing invoices, data management, funds management to ensuring on-time payment while minimizing value leakage and reducing cost of operations. Our blockchain procurement solution development services deliver business value to our clients by helping them achieve the following:
TEasy User Onboarding
Blockchain-driven KYC or digital identity verification process accelerates user onboarding and provides a centralized repository of verified user documents that can be easily accessed by the requester.
Improved Validation and Authentication
Blockchain enables quick distribution of authentication rights along the procure-to-pay chain, thereby enabling fraud prevention and augmenting security across the PTP process.
Invoice Processing
The exchange of invoices using the blockchain technology enables shared access to the database and eliminates the need for invoice scanning. The authorized parties can review transactions without reconciliation.
Accelerated Settlements
Complete transparency and real-time access to the shared database eliminates the need for reconciliations. This can potentially transform the business practices, like the standard D+30 days settlement time.
Greater Trust among Stakeholders
The shared public IDs, fair ratings assigned to market players based on the quality of products, reliability in delivering, and timely payment of invoices, and transaction history bring trust and transparency to the PTP process.
Reduced Money Laundering Risk
With real-time access to permanently retaining, tamper-free historical information about payments, it becomes easier to identify suspicious transactions and alleviate the risk of money laundering.
Our Clients
Features of our Blockchain-based Supply Chain Solution
Our blockchain-based supply chain solution is packed with market-leading features to deliver high performance.
Multi-currency Wallet
Smart Contract
Powerful Matching Engine
Instant KYC and AML
Liquidity Options
Reporting Dashboard
Multi-layer security
Funds Management
User Management
Our Software Modules Include
Admin Panel
- Shows data-rich dashboard, buy-sell transactions, send-receive transactions
- Provides a real-time view of the exchange and transactions
- Exhibits user details.
- Provides real-time reports about users, transactions, and revenue
- Enables the management of user profiles, funds transferred, and tokens created and distributed
Exchange
- Crypto-to-fiat trading
- Order book to view buy-sell prices of crypto assets
- View open orders
- 24-hour order history
- Monitor real-time trading prices
- Transaction history
Wallet
- Provides real-time view of transactions
- Enables management of different crypto wallets
- Displays balance of all cryptocurrencies, tokens, and fiat currencies
Smart contract
- Enables the creation of ERC20 tokens for payments
- Manages the supply of tokens
- Facilitates automatic transfer of tokens to users’ wallets
- Manages the burning of tokens
If you want to build a B2P blockchain solution for procure to pay with custom modules as per your business needs, we can navigate your development journey.
Security Features of our Blockchain Procurement Solution
We fortify our blockchain-based supply chain solution with multi-layer security to ensure secure processes across the PTP chain.
HTTP Authentication
We leverage secure HTTP Authentication tokens, such as OAuth for user authentication.
Data Encryption
The encryption of data transmitted over the network safeguards user credentials and other confidential information.
Jail Login
It helps prevent multiple failed login attempts for a specific time.
Anti-Denial of Service (DoS)
It protects our blockchain procurement solution from large requests to the server.
Cross-Site Request Forgery (CSRF) Protection
It safeguards our solution against state-changing requests and other unwanted user actions.
Our Proven & Successful Cryptocurrency Development Process Model
The proven and essential strategies that we follow for a Successful cryptocurrency development Process
Planning & Execution
During the preliminary research stage, our experts will evaluate, examine, and identify blockchain algorithms, mining setup, forking, hash values, etc.
Whitepaper Creation
Your whitepaper is written by our team of professionals and includes all relevant information regarding your project's & features' plans, roadmaps, etc.
Technical Design phase
The technological design includes the creation of wallets, connecting nodes, configuring explorers, etc.
Development Phase
The process of developing a cryptocurrency involves putting algorithms, hash values, technological packages, wallet construction, block exploration, etc. into practice.
Testing & Deployment
Our cryptocurrency development team will test and launch your project if it includes multi-coin transactions, evaluate the functionality of nodes and wallet support, find and fix any errors, and more.
Launch & Marketing
With thorough marketing methods, our qualified team launches your new cryptocurrency.
