Contract Management
Solution

Contract Management

Ensure that all parties are synchronized on new and updated contracts and can start transacting immediately.

Problem

Complex Multi-Party Contracts

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.

  • Pricing changes in the supply chain increase administrative burden for all trading partners
  • Non-standard processes surrounding contract administration create pricing, product, or eligibility exceptions between distributors and manufacturers
  • Non-standard identifiers create confusion and add cost
  • Data is synchronized in batch operations with a lag of several days
  • Contract updates are not communicated to all relevant parties due to the lack of routing infrastructure and connections
  • Information doesn’t flow between upstream and downstream parties
Complex Multi-Party Contracts
Solution

Streamline complex multi-party 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.

Areas of Application

Industries that can benefit

  • Pharmaceuticals
  • Electronics Industry
  • Agriculture
  • Automotive

Some of the industry regulations where this solution can help

Success Story

Driving Collaborative ROI in the Pharmaceutical Industry

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.

Learn more
Complex Multi-Party Contracts
Blog Posts

3 Advantages of Joining A Pharmaceutical Blockchain Network

Press Articles

‘World’s First’ Crypto Art Auction to Sell Andy Warhol Painting via Blockchain

Press Articles

‘World’s First’ Crypto Art Auction to Sell Andy Warhol Painting via Blockchain