Ensure that all parties are synchronized on new and updated contracts and can start transacting immediately.
Business contracts have evolved from simple two-party contracts to complex multi-party contracts . In addition, modern contracts can be complex and contain business rules that are cumbersome to administer especially with high volume of transactions that leverage these contracts. The administrative burden is further compounded if the contracts are frequently updated. This result in millions of dollars in spending in administering contracts.
Provision, administer, and communicate complex multi-party contracts based on Chronicled’s contract protocol.
Chronicled’s contract protocols allows users to streamline the creation and communication of complex multi-party contracts while maintaining privacy for pricing and critical business functions. Contracts involving products and authorized customers can leverage the product and member registry.
Pharmaceutical companies deal with a wide variety of players along the supply chain. Drugs are manufactured by businesses, sold to wholesalers, and then sold on to pharmacies and hospitals before being dispensed to patients. Special pricing contracts are usually drawn up between manufacturers and buying groups which are then communicated to the distributors. These contracts contain lists of eligible products and customers and also are changed very frequently. Downstream customer sales and stakeholder incentives are dependent on accurate, timely, and private contract updates to all involved parties. Blockchain is an ideal solution for a long-term relief of this problem.
In 2018, Chronicled and MediLedger started a working group with major manufacturers, wholesalers, and GPOs to explore if blockchain can solve the complexities around contracting and chargebacks workflow.