Blockchain Sips on the Future with AR Automation

Huh!... Blockchain and AR Automation? What’s the connection?

This would be the question on the minds of most of us because when hear the term ‘blockchain’, we almost immediately think of cryptocurrency (Bitcoin, Ethereum…). Well, there’s more to blockchain than just cryptocurrency. In fact, blockchain offers tremendous opportunities for multiple applications, and one such potential application is in the management of Accounts Receivables, as part of the e-invoicing process.

For any business, the current invoicing process involves delivery of invoices (either online or offline), followed by a reconciliation process against POs & purchasing system data, and finally payment. This, already long process, is slowed down by the need for approval and review at every stage. While automation of e-invoicing helps deliver invoices faster, and businesses are looking at automating payment processing as well, there are still several ways to increase accuracy and speed.

And one key way is Blockchain-enabled e-invoicing, which not only improves speed, but also is more secure and transparent in terms of billings and payments. It can also help preserve easily-accessible records of past transactions.

Before we talk about the benefits of Blockchain in the AR Processes, it’s important to understand the basic principles of Blockchain.

WHAT IS BLOCKCHAIN?

Blockchain is a shared, unchangeable ledger that that makes is easier to track assets and record transactions within a network of businesses. An asset might be intangible (intellectual property, patents, copyrights, branding) or tangible (house, car, money, land).

On a Blockchain network, almost anything of value can be recorded and sold, lowering costs and risk for all stakeholders. There are several methods for “mining” blocks and they confirm the legitimacy of the block and subsequently the chain. The underlying idea and advantages of this are universal. Further, the ledger’s visibility and validation are decentralized, making them more resistant to attacks and also to loss of availability.

Original Source: https://inebura.com/blog/sipping-on-a-hot-steaming-cup-of-tea-blockchain-excitedly-exclaimed-to-ar-automation

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