By Ilya Hemlin
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.
https://www.verizon.com/about/news/verizon-recognized-dispute-management-blockchain
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