[2017-02-24] Mint: How Bajaj Electricals uses blockchain to pay suppliers

[polynesia]

How Bajaj Electricals uses blockchain to pay suppliers

http://www.livemint.com/Companies/BcqXQgey9fieFps9xVZxrK/How-Bajaj-Electricals-uses-blockchain-to-pay-suppliers.html

Getting paid for the material they supplied to Bajaj Electricals Ltd was a cumbersome process for vendors. It involved several steps that included confirmation of delivery by Bajaj Electricals, raising of a physical bill of exchange by the supplier and submission of invoice and transport documents to Yes Bank Ltd, for payment.

This prompted the Bajaj Electricals management to explore a speedy and secure solution to replace its manual bill discounting process. The solution they hit upon was blockchain—the distributed ledger technology behind crypto-currencies such as Bitcoin. In January, the company announced going live on a blockchain-based vendor-financing (also known as supplier financing) solution developed by Yes Bank.

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[bitcoinisbest]

Wow such type of initiative if taken by corporate will help the bitcoin to be spread across masses and its adoption rate will increase much quicker and become available easily to all. Infact they can even tie up with Indian exchanges as well.