By Ilya Hemlin
NEW YORK - To streamline the invoice and dispute handling processes between vendor partners, Verizon has developed a new process for settling disputed fees utilizing blockchain technology. This new approach to dispute management was recognized as an award-winning initiative in Enterprise Transformation by the Blockchain Research Institute's Web3 & Blockchain Transformation Awards (W3B Awards).
Leveraging Hyperledger Fabric technology, this new technology utilizes core functionalities of blockchain that promoted transparency, decentralization, and enforcement, and thereby increased trust among partners. With this Distributed Ledger Technology, Verizon's innovation team transformed an inconsistent, inefficient and labor intensive billing dispute process involving wholesale partners into a self-sustaining rules based dispute settlement solution. The result is an increase in cash flow, operational costs savings and quicker realization of revenue - a win-win for the business and partners alike.