As a disruptive technology platform, blockchain is impactful, with the potential to redefine the operations and economics of many industries, writes KAMENDRAN GOVENDER, Procurement & Supply Chain Transformation Lead for Accenture Consulting.
Blockchain as a technology and concept that continues to be hyped in all industries. As a disruptive technology platform, blockchain is impactful, with the potential to redefine the operations and economics of these industries.
The technology brings value to various firms with the way it offers transparency, efficiency and security for financial transactions. In our view, blockchain can also lend its security and efficiency benefits to other areas as well, including Procure-to-Pay (PTP) processes. It can allow authentication around stakeholders, budgeting, service provision, invoicing and payment settlement.
Procure-to-Pay (PTP) is the multi-step process connecting a client with one or more service/product providers. Among other activities, it allows for the identification and authentication of stakeholders, budgeting, service provision, invoicing and payment settlement.
Among the current challenges faced by PTP programmes are generating sustainable cost reductions through disintermediation, efficiency improvement, fraud control and transparency enhancement. Blockchain technology can disrupt PTP processes and more importantly provide huge operational benefits in terms of speed, greater security and decreased workload by facilitating the exchange of information. The following outlines how blockchain technology can bring value to key PTP processes.
- Front-end system: A front-end interface is recommended to authorise vendors, define new catalogs, place purchase orders or sign contracts. This application can be an add-on to the blockchain or could be leveraged through existing procurement systems, if vendors decide to adopt this technology.
- Strong audit trail: As all parties are registered in the ledger, transactions are stored and a tamper‑proof audit trail is maintained. This type of end-to-end visibility into procurement is a well-established practice in the tracking of physical goods.
- Accelerated purchase order management: Purchase order and good receipt data would be exchanged on the blockchain at an accelerated pace when compared to current performance levels. As well, the blockchain could help identify the nearest and most cost-effective vendor within the network. This would help decrease lead time and workload associated with vendor searches, the processing of purchase orders and goods/services receipts.
- Reshaped invoice processing: Invoice scanning would no longer be required – thanks to shared access to the database, with the exchange of invoices supported by the blockchain. This would also help render the reconciliation process far less cumbersome as all authorised parties could review the same transaction, eliminating the need for reconciliations. Blockchain hosted transactions would feed into the company’s general ledger for general accounting and financial reporting purposes.
- Accelerated settlements: These would be accelerated as reconciliations and vendor/end user enquiries would not be required due to complete transparency and real-time access to a shared database. This could potentially disrupt in a positive sense business practices such as the standard D+30 days settlement deadline.
- Streamlined enquiries management: Blockchain’s greater transparency would diminish the need for enquiries and process status follow-ups, thus streamlining current enquiry management and control processes.
- Reduced money laundering risk: By permanently retaining historical payment information, suspicious transactions can be more easily identified.
- Greater security of transactions: This can be attained through a cloud-based contract repository and an integrated e-sign feature that verifies signer identity and authorisation.
In conclusion, adopting blockchain can bring dramatic change and businesses considering blockchain for PTP should first build the full business case, considering the above outline. The assessment scope should include existing PTP assets, processes, and should balance cost considerations.
As blockchain solutions gain momentum, more real-world situations will emerge where information on blockchains simply needs to be modified or removed. Accenture’s redactable blockchain is an innovation for financial services companies that makes it possible to deal with situations in a predictable fashion when things go wrong. An editable form of blockchain will make the technology more practical and useful for enterprise systems as well as accelerate its adoption.
AppDate: DStv taps Xbox, Hisense for app
DStv Now app expands, FNB gets Snapchat lens, Spotify offers data saver mode, in SEAN BACHER’s apps roundup
DStv Now for Xbox and Hisense
Usage of DStv Now, the online DStv service available free to DStv customers, is increasing rapidly with more than two million plays of live and Catch Up content per week. In addition to using DStv Now to watch TV on tablets and smartphones, an increasing number of DStv customers are also opting to use it as their primary method of getting DStv on additional TVs in the house. This is set to increase with the release of two new big-screen TV apps, one for Xbox gaming consoles (Xbox One, Xbox One S, Xbox One X) and another for Hisense smart TVs (2018 and newer models).
Expect to pay: A free download.
Platform: Any of the Xbox One range of gaming consoles and 2018 or later Hisense smart TVs.
Stockists: Visit the store linked to your Xbox console or HiSense smart TV.
Santam Safety Ideas
Start-up businesses that have a FinTech or InsurTech business venture brewing are called to enter the third annual Santam Safety Ideas competition. Safety solutions or InsurTech ventures that are ready for piloting could win up to R150 000 worth of incubation support and R200 000 in seed funding.
The Safety Ideas competition was launched two years ago in partnership with LaunchLab, Stellenbosch University’s startup incubator that facilitates valuable connections for corporates and startups sourced from the startup ecosystem and partner universities in South Africa. The previous winners are Herman Bester and Anton Swanevelder, co-founders of MyLifeLine – a wearable panic device that won the competition last year; and Ntsako Mgiba and Ntandoyenkosi Shezi, co-founders of Jonga – a cost-effective security system for low income families, which won the competition in 2017.
Entries close on 28 February 2019. For more information on how to enter, visit: www.santam.co.za/safetyideas/
Click here to read about the FNB Snapchat lens, Spotify Free with data saver, and 00:37.
Fortnite fixes hackers’ hole
Epic Games has repaired a vulnerability that exposed Fortnite, the world’s most popular game of the moment, to hackers. The hole, which was left in Epic’s web infrastructure, allowed hackers to target players with email that appeared to come from Epic Games, but would have led them to a phishing site, where their log-in details would have been stolen.
Researchers at cyber security solutions provider Check Point Software alerted Epic to vulnerabilities that could have affected any player of the hugely popular online battle game.
Fortnite has nearly 80 million players worldwide. The game is popular on all gaming platforms, including Android, iOS, PC via Microsoft Windows and consoles such as Xbox One and PlayStation 4. In addition to casual players, Fortnite is used by professional gamers who stream their sessions online, and is popular with e-sports enthusiasts.
If exploited, the vulnerability would have given an attacker full access to a user’s account and their personal information as well as enabling them to purchase virtual in-game currency using the victim’s payment card details. The vulnerability would also have allowed for a massive invasion of privacy, as an attacker could listen to in-game chatter as well as surrounding sounds and conversations within the victim’s home or other location of play.
While Fortnite players had previously been targeted by scams that deceived them into logging into fake websites that promised to generate Fortnite’s ‘V-Buck’ in-game currency, these new vulnerabilities could have been exploited without the player handing over any login details
Click here to read how the Fortnite hack worked
To win a set of three Fortnite Funko Pop Figurines, click here.