VERSO is a cloud-based portal that manages transactions across ecosystems for a wide range of markets and applications. Ecosystems are comprised of independent companies that participate in supply chains, fulfillment processes, ordering processes, and other workflows that require interaction from multiple parties.
Gartner defines a supply chain ecosystem as “A supply chain ecosystem is a community of organizations that shares and combines capabilities and develops equitable relationships to generate and exchange value to all participants.”
Gartner also predicts that “By 2026, more than 50% of large organizations will compete as collaborative digital ecosystems rather than discrete firms, sharing inputs, assets, and innovations.”
To ensure accuracy and compliance, these parties spend a significant amount of time and cost verifying the exchange of transactions among the other participating entities.
To automate this verification requirement, VERSO has integrated with the Accumulate blockchain solution, resulting in VERSO being the high-value gateway to Blockchain for multiple industries and ecosystems.
Why combine the two platforms?
- Manage Company and Organizational Participation: – VERSO allows permission and organization of users at individual, group, and company levels. This hierarchy is a natural fit with Accumulate, since Accumulate uses a revolutionary identity approach for participation assignment. VERSO organizational configurations will result in corresponding user identities in Accumulate – resulting in easy-to-use, guaranteed, and certified user participation.
- Audit and Verification – VERSO focuses on providing flexible workflow management, which creates activities such as status changes, step changes, field/value changes, record/data sharing, verifications, etc. These activities are coordinated through VERSOs workflow and alert modules. With the Accumulate integration, VERSO passes associated data to the blockchain, ensuring the data is stamped and verified as needed, ensuring that these transactional activities can be trusted by all parties.
The VERSO/Accumulate solution provides a powerful, flexible portal that not only manages workflow for all participants, but also ensures workflow activity and data is valid and trusted. Benefits include:
- Efficiency gains for all parties – accelerating transactions due to confidence in validity
- Reduction in verification time and cost
- Reliability in transaction history
- Accelerated decision-making based on reliability
- Increased security and comfort due to validation of participants identity
Example Applications Include:
- Reverse Logistics – Product Returns, Disposition, and Warranty Settlements
- Medical device tracking and management
- Recruiting Management across subcontractors
- Spare Parts purchase and traceability through a supply chain
- LAB Testing tracking and validation
- Property Management Commission processing
And many others that require a TRUSTED and reliable process among participants
The Value Proposition for Ecosystems
Ecosystem participants spend significant amount of time verifying the information and data shared by participating partners. This is a common problem in any supply or fulfillment chain. Due to a lack of trust among parties and data reliability, each participant must individually verify and scrutinize the transactions, to ensure the accuracy of their operations and decision-making. Plus, companies have an overall lack of transparency to the origin and nature of product ingredients or parts, which hamper decision making, compliance verification, and problem resolution. In addition, ecosystem applications require clear hierarchies of users, companies, and associated permissions to allow problem resolution. The VERSO/Accumulate solution solves these problems, through the integration of identity hierarchies, blockchain validation of information exchanged, and the creation of overall trust and reliability.
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