Reported by CIO on February 3rd, IBM has decided that a blockchain-powered tool is a viable solution, specifically for resolving major issues companies are experiencing, in dealing with discrepancies against thousands of casual work contracts.
A casual work contract – often referred to as a contingent work contract – function as a temporary employment relationship, which most of the time does not have sufficient job security, and usually offers part-time or payment on a piece work basis.
IBM is researching the way blockchain can be applied in managing, on an enterprise-level, such contracts, as it notified that processing the high amount of contract coming from casual workers, is an unnecessarily enduring and terribly automated job for businesses, currently.
“One of the biggest pain points of all suppliers of contractors is invoice reconciliation. Blockchain lives in the spaces where there is friction and discrepancy.” Burton Buffaloe, head of global logistics and blockchain at IBM, claimed.
The new IBM-developed system, goes by the name “the Contingent Labor on IBM Blockchain”, will provide automation in time sheet tracking, and order purchasing, and at the same time intervene between involved sides of the process.
Should the global introduction go according to plan, the new system will enter the market.