Inter-organizational and inter-departmental workflows are inefficient and time-consuming owing to high dependency on the reconciliation process. These workflows depend on the availability of data and information from a different organization or department for decision making or executing a process. Additionally, this data needs to be verified for any discrepancies before being processed. This further adds to the delay. Blockchain can help us to make these processes more efficient using smart contracts. Once the stakeholders have agreed to the conditions of a smart contract and deployed it to the blockchain, they cannot be modified. This makes them very handy for preventing fraud and promoting transparency.
We can build safe and secure workflows and business processes that span across organizations and departments and execute...