June 22, 2024

IBM will use a blockchain system to automate labor contracts

Technology giant IBM is developing a new blockchain-based product, Contingent Labor, that will allow...Automate reconciliation of temporary employment contracts.

CIO website reports that according to developersThe IBM blockchain is particularly well suited to solve the problems companies face when resolving inconsistencies in thousands of temporary work contracts. Typically, such contracts are concluded with consultants, freelancers, independent contractors and project staff.

IBM is interested in product development atblockchain for managing such contracts at the enterprise. The company notes that processing a large volume of temporary labor contracts is a time-consuming and insufficiently automated task. Burton Buffaloe, Global Logistics and Blockchain Manager at IBM, said:

“One of the biggest problems of all suppliers and contractors — reconciliation of accounts. Blockchain is needed in areas where such tensions and discrepancies occur.”

Buffalo explained that the Contingent Labor system onThe IBM blockchain automates the tracking of schedules and service purchase orders, and also mediates between approved parties involved in the billing process. According to Buffalo, if the system is successfully deployed worldwide, it will soon enter the market.

IBM goes deeper into product developmentand blockchain related technologies. Recently, IBM received a patent for the development of a system based on "self-controlled" tokens for recording information about independent transactions made outside the network. In addition, in November, IBM patented a blockchain solution to prevent theft of packages by drones.