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Extend The Functionalities Of ERP With Blockchain Integration
The ERP (Enterprise Resource Planning) system is the foundation of every organization, processing massive data dependably and transparently. Project management, supply chain operations, compliance, procurement, accounting, and risk management are all part of it.
ERP software streamlines all corporate data, allowing firms to completely oversee internal operations and make informed future decisions. Furthermore, all data is updated in real-time, which is critical for the efficient operation of all industry sectors.
Nowadays, companies go after everything that can benefit their business, whether in terms of management processes or implementing new technology.
The question is, today, every business walks the extra miles to achieve what is necessary for its success, but how come Blockchain integration came into the picture?
Blockchain elevates the present ERP system to a higher degree. Let’s see how.
What is Blockchain Technology in simpler terms?
Blockchain is a method of storing information so that it is difficult or impossible to alter, hack, or scam the system.
How Blockchain Integration is Revolutionizing ERP Processes
- Smart Contract Implementation to Automate Business Processes
A smart contract is a blockchain-encoded mechanism that automates transactions. Smart contracts are becoming more popular in the supply chain business, particularly in manufacturing and distribution.
Smart contracts are computerized agreements that are performed automatically based on contractual provisions and business logic. They are useful for interfacing with ERP systems in order to automate transactional procedures.
Use Case: E-commerce companies may use blockchain integration with ERP to seamlessly connect with suppliers and validate stock purchases.
- Improve Data Security to Avoid Illegal Data Access
Blockchain technology is well-known for its ability to improve system security and data privacy.
Blockchain is used by small and medium-sized businesses to ensure cloud security and identify suspicious and unlawful data access.
Integrating blockchain with ERP systems helps organizations to discover data vulnerabilities in real-time. It helps decision-makers to avoid potential hazards in the future.
Use Case: Using blockchain technology, businesses would be able to take sufficient security steps after detecting irregularities.
- Data Authentication and Verification
Blockchain technology can verify and validate identities. Insurance businesses utilize the blockchain to validate their clients’ identities in order to process claims or confirm financial transactions.
Use Case: Manufacturing companies may use ERP systems integrated with blockchain so that only certain employees have access to critical regions. The integration can provide managers with a clear picture of their employees’ presence in the workshop, avoiding illegal access to high-risk areas.
Blockchain technology is helping many businesses to increase their business performance.
Ksolves helps SMEs with the changing technology that works best with the Odoo ERP system.
Consult with us to clear all your doubts related to blockchain technology and ERP implementation.
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