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.

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.

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.

Bloom Genesis’s 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:

Easy User Onboarding

Utilize EVM compatibility for seamless deployment of smart contracts using Solidity, C, C++, and Rust. With Arbitrum Orbit chains, there’s no need to migrate away from existing language and toolchains.

Improved Validation and Authentication

Stay up-to-date with the latest Ethereum scaling technology. Arbitrum Orbit chains have access to all Nitro code upgrades, feature additions, and improvements which ensures ongoing optimization & scalability.

Invoice Processing

Decouple your app chain’s roadmap from Ethereum and Arbitrum with Arbitrum Orbit and enable the implementation of cutting-edge features like account abstraction ahead of Ethereum’s public roadmap.

Accelerated Settlements

Ensure predictable transaction costs for your dApp. Arbitrum Orbit chains, isolated from L1 and L2 traffic, shield your dApp from the impact of other apps’ on-chain activities and help users enjoy reliable gas prices.

Greater Trust among Stakeholders

Arbitrum orbit allows users to choose ERC20 tokens as the native gas tokens for gas fees on the network and ensures seamless integration with dApp’s ecosystem.

Reduced Money Laundering Risk

Adjust settlement, execution, or governance protocols on your chain to meet precise requirements. Orbit’s chains empower customization while ensuring the security of Ethereum through Arbitrum’s DAO-governed L2 chains.

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

Multi-currency Wallet

The integration of a multi-currency wallet enables secure storage and transfer of a spectrum of cryptocurrencies and tokens, thereby driving secure transactions on the platform.

Smart Contract

Smart Contract

The smart contract manages the creation and distribution of crypto tokens among platform users. These tokens are used to make any payments across the procure-to-pay chain.

Powerful Matching Engine

Powerful Matching Engine

The robust matching engine matches buy and sell orders quickly. When you need to buy a token to execute transactions on the platform, rest assured that your order is fulfilled with minimum latency.

Instant KYC and AML

Instant KYC and AML

Blockchain-driven KYC and AML verification processes expedite user identity verification and simplify user onboarding every time a new user is added to the procurement-to-pay chain.

Liquidity Options

Liquidity Options

High liquidity on the exchange is achieved by creating a secure API connection with the external exchange platforms. This helps fulfill buy and sell orders with minimum latency.

Reporting Dashboard

Reporting Dashboard

The intuitive reporting dashboard provides access to balance reports and transaction reports, thereby promoting complete transparency and helping in well-informed decision-making.

Multi-layer security

Multi-layer security

The platform is reinforced with multi-layer security achieved by leveraging market-leading solutions like two-factor authentication, encrypted user access, SSL implementation, and more.

Funds Management

Funds Management

The funds management system simplifies the management of funds and provides details, including the total supply of tokens, number of tokens in circulation, and more.

User Management

User Management

The robust user management system makes it easier to manage stakeholders, block or suspend users, and more. In addition, it helps manage user logins, privileges, permissions, and roles.

Features of our Blockchain-based Supply Chain Solution

Our blockchain-based supply chain solution is packed with market-leading features to deliver high performance.

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.