Insureblocks Blockchain & Smart Contracts In Insurance

Procure-to-Pay, in today’s supply chains, is a complicated and lengthy process for corporations and their suppliers across the world. Listen to Orapong Thien-Ngern, CEO of Digital Ventures a subsidiary of Siam Commercial Bank (SCB) in Thailand, as he talks to us about how blockchain technology has reduced procure-to-pay process time by 50% and costs by 70% We had the pleasure of also being joined by Sharon Yuen, Head of ASEAN sales at R3 who manages the relationship with Digital Ventures. What is blockchain? For Sharon, blockchain is a technology that creates a decentralised records of all transactions in the network. Using blockchain technology, participants in the network can confirm transactions independently of a third party intermediary. There's no need for a central trust authority or a central server. From payments and audits to tracking inventory and assets, blockchain technology in supply chain can deliver a new level of trust and transparency, while enabling the procure to pay process to realise hu