NEW YORK – To streamline the invoice and dispute handling processes between vendor partners, Verizon has developed a new process for settling disputed fees utilizing blockchain technology. This new approach to dispute management was recognized as an award-winning initiative in Enterprise Transformation by the Blockchain Research Institute’s Web3 & Blockchain Transformation Awards (W3B Awards).
Leveraging Hyperledger Fabric technology, this new technology utilizes core functionalities of blockchain that promoted transparency, decentralization, and enforcement, and thereby increased trust among partners. With this Distributed Ledger Technology, Verizon’s innovation team transformed an inconsistent, inefficient and labor intensive billing dispute process involving wholesale partners into a self-sustaining rules based dispute settlement solution. The result is an increase in cash flow, operational costs savings and quicker realization of revenue – a win-win for the business and partners alike.
“I’m incredibly proud of the team’s achievement and the recognition in leveraging Blockchain in driving business value, and continue to see opportunities to build solutions leveraging blockchain that will change the way we do business,” shared Jagan Rangarajan, Verizon Global Technology Services, Vice President – Commercial and Supply Chain.
Verizon’s use of blockchain technology creates efficiency and high performance that was too complex to achieve previously due to scattered processes and fragmented information. By simplifying and consolidating processes and data, Verizon has created a flexible and coherent billing process that is more harmonious and trusted by trading partners.