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Pharma and BlockchainShutterstock
Companies are finally coming into play with the idea of distributed ledger technology (DLP), or at least they can now see the merit and potential that it holds. The next step will be when we begin to see the real-world use cases that occur.
Of course, the brutal year that most cryptocurrencies saw did nothing to help the general credibility of space. The volatility of the market has led to give more attention to the idea of blockchain as technology, rather than to the annoying and annoying patterns of recall that have emerged in the last two years.
Most companies that have flowered overnight, during the Bitcoin explosion between 2016 and 2017, are now starting to show signs of their struggle to assert their promises. One of these companies is ConsenSys, a blockchain software company originally from Brooklyn, New York. Since 2015 they have been developing services and applications on Ethereum, but recently they announced restructuring and austerity measures to save money, laying off more than 10% of staff. ConsenSys is far from the only victim of the times.
Konfidio abstract logoKonfidio
One group that seems particularly prepared for the race is the blockchain studio based in Berlin, Konfidio. One of their initiatives employs what they call Konfidio Contract Solutions, or KCS, to stem the flow of value loss that amounts to millions in multi-year enterprise-level contracts – and are entering production with Fortune 500, Novartis.
KCS is a decentralized system that strives to improve order lifecycle management, price agreements, codified legal agreements and the automatic value regulation of managed managed services consumption.
While companies try and fail to reconcile the small print of multi-million dollar contracts, huge amounts of money and time are wasted. KCS promises to be the solution to this and can potentially save millions of companies.
Above all, it provides executives with an efficient real-time financial and operational dashboard. This means that over-budgeting, overhaul and a large back-office of reconciliation that creates exorbitant legal fees are all problems of the past.
Novartis officeNovartis
Novartis, the pharmaceutical and health giant, is putting its money where its mouth is and seizing the opportunity on Konfidio. Marriage between health care and DLT may seem unconventional, but closer scrutiny, mismanagement and bureaucracy are some of the biggest pains in any industry; especially for those dealing with data-driven contracts.
Daniel Fritz, head of the Novartis supply chain, states:
"Today it's all silo, everyone has their own system. & Nbsp; We are losing data and there are delays."
Centralized systems have had their day in the sun, but the sun is setting, and the new dawn is decentralized technology. Novartis does not see the need to manage multiple versions of the truth between customer-supplier relationships, Fritz added:
"This creates inconsistencies, delays in payments and forces financial provisioning which, in turn, affects the performance of CFOs."
Ultimately, the ruin of Novartis is expensive and requires lengthy reconciliation efforts through their multinational organization. These new solutions are trying to change all this.
The dott. Scott Mason, Novartis' global IT COO explained at the recent Basel Blockchain Leadership Summit:
"We have tested the system and we believe we are able to solve some of the key points in the management of external contracts using blockchain technology".
Dr. Mervyn Maistry, CEO of Konfidio, who spoke at the same stage as dr. Mason, noted:
"Blockchain technology is powerful enough to replace SAP systems within 10 – 15. SMEs and businesses will have an alternative to expensive and hostile ERP systems."
With Novartis and Konfidio paving the way for the future integration of DLT into the pharmaceutical industry, it seems clear that others will follow. We just have to wait and see. & Nbsp;
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Pharma and BlockchainShutterstock
Companies are finally coming into play with the idea of distributed ledger technology (DLP), or at least they can now see the merit and potential that it holds. The next step will be when we begin to see the real-world use cases that occur.
Of course, the brutal year that most cryptocurrencies saw did nothing to help the general credibility of space. The volatility of the market has led to give more attention to the idea of blockchain as technology, rather than to the annoying and annoying patterns of recall that have emerged in the last two years.
Most companies that have flowered overnight, during the Bitcoin explosion between 2016 and 2017, are now starting to show signs of their struggle to assert their promises. One of these companies is ConsenSys, a blockchain software company originally from Brooklyn, New York. Since 2015 they have been developing services and applications on Ethereum, but recently they announced restructuring and austerity measures to save money, laying off more than 10% of staff. ConsenSys is far from the only victim of the times.
Konfidio abstract logoKonfidio
One group that seems particularly prepared for the race is the blockchain studio based in Berlin, Konfidio. One of their initiatives employs what they call Konfidio Contract Solutions, or KCS, to stem the flow of value loss that amounts to millions in multi-year enterprise-level contracts – and are entering production with Fortune 500, Novartis.
KCS is a decentralized system that strives to improve order lifecycle management, price agreements, codified legal agreements and the automatic value regulation of managed managed services consumption.
While companies try and fail to reconcile the small print of multi-million dollar contracts, huge amounts of money and time are wasted. KCS promises to be the solution to this and can potentially save millions of companies.
Above all, it provides executives with an efficient real-time financial and operational dashboard. This means that over-budgeting, overhaul and a large back-office of reconciliation that creates exorbitant legal fees are all problems of the past.
Novartis officeNovartis
Novartis, the pharmaceutical and health giant, is putting its money where its mouth is and seizing the opportunity on Konfidio. Marriage between health care and DLT may seem unconventional, but closer scrutiny, mismanagement and bureaucracy are some of the biggest pains in any industry; especially for those dealing with data-driven contracts.
Daniel Fritz, head of the Novartis supply chain, states:
"Today it's all silo, everyone has their own system, we're losing data and there are delays."
Centralized systems have had their day in the sun, but the sun is setting, and the new dawn is decentralized technology. Novartis does not see the need to manage multiple versions of the truth between customer-supplier relationships, Fritz added:
"This creates inconsistencies, delays in payments and forces financial provisioning which, in turn, affects the performance of CFOs."
Ultimately, the ruin of Novartis is expensive and requires lengthy reconciliation efforts through their multinational organization. These new solutions are trying to change all this.
The dott. Scott Mason, Novartis' global IT COO explained at the recent Basel Blockchain Leadership Summit:
"We have tested the system and we believe we are able to solve some of the key points in the management of external contracts using blockchain technology".
Dr. Mervyn Maistry, CEO of Konfidio, who spoke at the same stage as dr. Mason, noted:
"Blockchain technology is powerful enough to replace SAP systems within 10 – 15. SMEs and businesses will have an alternative to expensive and hostile ERP systems."
With Novartis and Konfidio paving the way for the future integration of DLT into the pharmaceutical industry, it seems clear that others will follow. We just have to wait and see.
