Claims:
1. A processor implemented method for managing a plurality of digital records by a blockchain model (304), comprising:
(a) grouping, a plurality of stakeholders in a plurality of nodes associated with the blockchain model (304);
(b) hashing, a plurality of component associated with a plurality of services rendered to the plurality of stakeholders to obtain a plurality of hashed component, wherein the plurality of hashed component comprises at least one of (i) a first hashed component, (ii) a second hashed component, (iii) a third hashed component, (iv) a fourth hashed component, and combination thereof;
(c) pushing the plurality of hashed component into at least one node from the plurality of nodes associated with the blockchain model (304);
(d) performing, a first level validation by comparing the first hashed component with the second hashed component to obtain a first match;
(e) performing, based on the first match, a second level validation by comparing the second hashed component with the third hashed component to obtain a second match;
(f) performing, based on the second match, a third level validation by comparing the third hashed component with the fourth hashed component to obtain a third match;
(g) generating, by a transaction module, a transaction to an account of an at least one stakeholder from the plurality of stakeholders based on the third match; and
(h) dynamically distributing, in the blockchain model (304), status associated with the plurality of hashed component in the plurality of digital records.

2. The processor implemented method of claim 1, wherein the plurality of stakeholders are selected from at least one group comprising (a) a buyer, (b) a sellers (vendors), (c) a procurement team, (d) a plurality of financial institution, and combination thereof.

3. The processor implemented method of claim 1, wherein the plurality of component are encrypted based on a hash function in the block chain model.

4. The processor implemented method of claim 1, wherein the plurality of component is selected from at least one of group comprising: an email, a pdf, a handwritten, and an image.

5. The processor implemented method of claim 1, wherein the plurality of hashed component corresponds to at least one of a group comprising: (a) a plurality of invoices, (b) a plurality of receipts, (c) a plurality of sales orders, (d) a plurality of purchase orders, and combination thereof.

6. The processor implemented method of claim 1, wherein the blockchain model is a distributed database that comprises plurality of data associated with the plurality of digital records.

7. A system (200) to manage a plurality of digital records by a blockchain model (304), wherein the system (200) comprising:
a memory (202) storing instructions;
one or more communication interfaces (206); and
one or more hardware processors (204) coupled to the memory (202) via the one or more communication interfaces (206), wherein the one or more hardware processors (204) are configured by the instructions to:
(a) group, a plurality of stakeholders in a plurality of nodes associated with the blockchain model;
(b) hash, a plurality of component associated with a plurality of services rendered to the plurality of stakeholders to obtain a plurality of hashed component, wherein the plurality of hashed component comprises at least one of (i) a first hashed component, (ii) a second hashed component, (iii) a third hashed component, (iv) a fourth hashed component, and combination thereof;
(c) push, the plurality of hashed component into at least one node from the plurality of nodes associated with the blockchain model;
(d) perform, a first level validation by comparing the first hashed component with the second hashed component to obtain a first match;
(e) perform, based on the first match, a second level validation by comparing the second hashed component with the third hashed component to obtain a second match;
(f) perform, based on the second match, a third level validation by comparing the third hashed component with the fourth hashed component to obtain a third match;
(g) generate, by a transaction module, a transaction to an account of an at least one stakeholder from the plurality of stakeholders based on the third match; and
(h) dynamically distribute, in the blockchain model, status associated with the plurality of hashed component in the plurality of digital records.

8. The system of claim 7, wherein the plurality of stakeholders are selected from at least one group comprising (a) a buyer, (b) a sellers (vendors), (c) a procurement team, (d) a plurality of financial institution and combination thereof.

9. The system of claim 7, wherein the plurality of component are encrypted based on a hash function in the block chain model.
10. The system of claim 7, wherein the plurality of component is selected from at least one of group comprising: an email, a pdf, a handwritten, and an image.

11. The system of claim 7, wherein the plurality of hashed component corresponds to at least one of a group comprising: (a) a plurality of invoices, (b) a plurality of receipts, (c) a plurality of sales orders, (d) a plurality of purchase orders, and combination thereof.

12. The system of claim 7, wherein the blockchain model is a distributed database that comprises plurality of data associated with the plurality of digital records.
, Description:FORM 2

THE PATENTS ACT, 1970
(39 of 1970)
&
THE PATENT RULES, 2003

COMPLETE SPECIFICATION
(See Section 10 and Rule 13)

Title of invention:

SYSTEM AND METHOD FOR MANAGING PLURALITY OF DIGITAL RECORDS BY A BLOCKCHAIN MODEL

Applicant

Tata Consultancy Services Limited
A company Incorporated in India under the Companies Act, 1956
Having address:
Nirmal Building, 9th floor,
Nariman point, Mumbai 400021,
Maharashtra, India

The following specification particularly describes the invention and the manner in which it is to be performed.
TECHNICAL FIELD
[001] The disclosure herein generally relates to record management, and, more particularly, to system and method for managing plurality of digital records by a blockchain model.

BACKGROUND
[002] Traditional way of sharing financial records related documents (e.g. payment documents) meant that a single document would be sent to a recipient for revision, and is only visible to one party at a time (the other party cannot make updates until the first party has completed their work). Many employees within an organization monitor these activities to ensure that the organization’s financial statements have appropriate balances and that all invoices were paid on time (both for the company and from customers). The companies receive 80% of their invoices in paper format via e-mail, and use a paper-based routing and approval process. Multiple formats of Invoices from vendors as pdf attachments in an email, hand written, scanned copy of the documents etc. For past few decades accounts payable (AP) / accounts receivable (AR) departments have been gradually automating invoice processing by moving away from traditional paper-based processes and investing in technology to improve the efficiency of department.
[003] With reference to FIG. 1, a typical block diagram illustrates financial transactions in a business environment. Typically, interaction between buyers (102A-N) and sellers (104A-N) happens by sharing invoices and receipts for one or more services rendered. Existing technologies such as popular Enterprise Resource Planning (ERP) systems, a procurement manager performs manual data entry and manual reconciliation of invoices leading to backlog of invoices. Typically, there exists a third party or an intermediate (e.g., account payable department or invoice payment department) to confirm that the invoices are legitimate and accurate (no discrepancies). There is also no real-time update of payment status back to the ERP systems, it is being handled manually even today. Robotic process automation (RPA) and character recognition tools are less cognitive and need multiple interface with varied ERP systems in the business ecosystem. Manual data entry and additional overhead of reconciliation are causing backlog of Invoices. Further, bookkeeping of accounts receivables and accounts payable is delayed. There is lack of real time tracking of the payment status for receivables/payments. Varied formats of the AR/AP across various vendors. If any mismatch/discrepancy is found, significant manual effort is involved in tracing back the fault/fraud transaction. This leads to invoice backlogs and money laundering. In addition to this, late payments strain the buyer-seller relationships. Sellers may demand advance payment and threaten to disrupt the Buyer’s future schedule. Despite these investments, however, the pace of change and improvement has remained relatively slow.
SUMMARY
[004] Embodiments of the present disclosure present technological improvements as solutions to one or more of the above-mentioned technical problems recognized by the inventors in conventional systems. For example, in one aspect, processor implemented method for managing a plurality of digital records by a blockchain model is provided. The method includes (a) grouping, a plurality of stakeholders in a plurality of nodes associated with the blockchain model; (b) hashing, a plurality of component associated with a plurality of services rendered to the plurality of stakeholders to obtain a plurality of hashed component; (c) pushing the plurality of hashed component into at least one node from the plurality of nodes associated with the blockchain model; (d) performing, a first level validation by comparing the first hashed component with the second hashed component to obtain a first match; (e) performing, based on the first match, a second level validation by comparing the second hashed component with the third hashed component to obtain a second match; (f) performing, based on the second match, a third level validation by comparing the third hashed component with the fourth hashed component to obtain a third match; (g) generating, by a transaction module, a transaction to an account of an at least one stakeholder from the plurality of stakeholders based on the third match; and (h) dynamically distributing, in the blockchain model, status associated with the plurality of hashed component in the plurality of digital records. In an embodiment, the plurality of hashed component includes at least one of (i) a first hashed component, (ii) a second hashed component, (iii) a third hashed component, (iv) a fourth hashed component, and combination thereof.
[005] In an embodiment, the plurality of stakeholders may be selected from at least one group includes (a) a buyer, (b) a sellers (vendors), (c) a procurement team, (d) a plurality of financial institution, and combination thereof. In an embodiment, the plurality of component may be encrypted based on a hash function in the block chain model. In an embodiment, the plurality of component may be selected from at least one of group includes: an email, a pdf, a handwritten, and an image. In an embodiment, the plurality of hashed component corresponds to at least one of a group includes: (a) a plurality of invoices, (b) a plurality of receipts, (c) a plurality of sales orders, (d) a plurality of purchase orders, and combination thereof. In an embodiment, the blockchain model may be a distributed database that includes plurality of data associated with the plurality of digital records.
[006] In another aspect, there is provided a processor implemented system to manage a plurality of digital records by a blockchain model. The system includes: a memory storing instructions; one or more communication interfaces; and one or more hardware processors coupled to the memory via the one or more communication interfaces, wherein the one or more hardware processors are configured by the instructions to: (a) group, a plurality of stakeholders in a plurality of nodes associated with the blockchain model; (b) hash, a plurality of component associated with a plurality of services rendered to the plurality of stakeholders to obtain a plurality of hashed component; (c) push, the plurality of hashed component into at least one node from the plurality of nodes associated with the blockchain model; (d) perform, a first level validation by comparing the first hashed component with the second hashed component to obtain a first match; (e) perform, based on the first match, a second level validation by comparing the second hashed component with the third hashed component to obtain a second match; (f) perform, based on the second match, a third level validation by comparing the third hashed component with the fourth hashed component to obtain a third match; (g) generate, by a transaction module, a transaction to an account of an at least one stakeholder from the plurality of stakeholders based on the third match; and (h) dynamically distribute, in the blockchain model, status associated with the plurality of hashed component in the plurality of digital records. In an embodiment, the plurality of hashed component includes at least one of (i) a first hashed component, (ii) a second hashed component, (iii) a third hashed component, (iv) a fourth hashed component, and combination thereof.
[007] In an embodiment, the plurality of stakeholders may be selected from at least one group includes (a) a buyer, (b) a sellers (vendors), (c) a procurement team, (d) a plurality of financial institution, and combination thereof. In an embodiment, the plurality of component may be encrypted based on a hash function in the block chain model. In an embodiment, the plurality of component may be selected from at least one of group includes: an email, a pdf, a handwritten, and an image. In an embodiment, the plurality of hashed component corresponds to at least one of a group includes: (a) a plurality of invoices, (b) a plurality of receipts, (c) a plurality of sales orders, (d) a plurality of purchase orders, and combination thereof. In an embodiment, the blockchain model may be a distributed database that includes plurality of data associated with the plurality of digital records.
[008] In yet another aspect, there are provided one or more non-transitory machine readable information storage mediums includes one or more instructions which when executed by one or more hardware processors causes (a) grouping, a plurality of stakeholders in a plurality of nodes associated with the blockchain model; (b) hashing, a plurality of component associated with a plurality of services rendered to the plurality of stakeholders to obtain a plurality of hashed component; (c) pushing the plurality of hashed component into at least one node from the plurality of nodes associated with the blockchain model; (d) performing, a first level validation by comparing the first hashed component with the second hashed component to obtain a first match; (e) performing, based on the first match, a second level validation by comparing the second hashed component with the third hashed component to obtain a second match; (f) performing, based on the second match, a third level validation by comparing the third hashed component with the fourth hashed component to obtain a third match; (g) generating, by a transaction module, a transaction to an account of an at least one stakeholder from the plurality of stakeholders based on the third match; and (h) dynamically distributing, in the blockchain model, status associated with the plurality of hashed component in the plurality of digital records. In an embodiment, the plurality of hashed component includes at least one of (i) a first hashed component, (ii) a second hashed component, (iii) a third hashed component, (iv) a fourth hashed component, and combination thereof.
[009] In an embodiment, the plurality of stakeholders may be selected from at least one group includes (a) a buyer, (b) a sellers (vendors), (c) a procurement team, (d) a plurality of financial institution, and combination thereof. In an embodiment, the plurality of component may be encrypted based on a hash function in the block chain model. In an embodiment, the plurality of component may be selected from at least one of group includes: an email, a pdf, a handwritten, and an image. In an embodiment, the plurality of hashed component corresponds to at least one of a group includes: (a) a plurality of invoices, (b) a plurality of receipts, (c) a plurality of sales orders, (d) a plurality of purchase orders, and combination thereof. In an embodiment, the blockchain model may be a distributed database that includes plurality of data associated with the plurality of digital records.
[010] It is to be understood that both the foregoing general description and the following detailed description are exemplary and explanatory only and are not restrictive of the invention, as claimed.

BRIEF DESCRIPTION OF THE DRAWINGS
[011] The accompanying drawings, which are incorporated in and constitute a part of this disclosure, illustrate exemplary embodiments and, together with the description, serve to explain the disclosed principles:
[012] FIG. 1 is block diagram illustrating typical transactions in a business environment.
[013] FIG. 2 illustrates a functional block diagram of a system for managing plurality of digital records by a blockchain model according to embodiments of the present disclosure.
[014] FIG. 3 illustrates a block diagram of an exemplary system for managing the plurality of digital records by the blockchain model according to embodiments of the present disclosure.
[015] FIG. 4 is a flow diagram illustrating a method of managing the plurality of digital records by the blockchain model according to embodiments of the present disclosure.

DETAILED DESCRIPTION OF EMBODIMENTS
[016] Exemplary embodiments are described with reference to the accompanying drawings. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. Wherever convenient, the same reference numbers are used throughout the drawings to refer to the same or like parts. While examples and features of disclosed principles are described herein, modifications, adaptations, and other implementations are possible without departing from the spirit and scope of the disclosed embodiments. It is intended that the following detailed description be considered as exemplary only, with the true scope and spirit being indicated by the following claims.
[017] Referring now to the drawings, and more particularly to FIG. 2 through 4, where similar reference characters denote corresponding features consistently throughout the figures, there are shown preferred embodiments and these embodiments are described in the context of the following exemplary system and/or method.
[018] FIG. 2 illustrates a block diagram of a system 200 for managing a plurality of digital records by a blockchain model in accordance with an embodiment of the present disclosure. In an embodiment, the system 200 includes one or more processors 204, communication interface device(s) or input/output (I/O) interface(s) 206, and one or more data storage devices or memory 202 operatively coupled to the one or more processors 204. The memory 202 comprises a database 208. The one or more processors 204 that are hardware processors can be implemented as one or more microprocessors, microcomputers, microcontrollers, digital signal processors, central processing units, state machines, logic circuitries, and/or any devices that manipulate signals based on operational instructions. Among other capabilities, the processor(s) is configured to fetch and execute computer-readable instructions stored in the memory. In an embodiment, the system 200 can be implemented in a variety of computing systems, such as laptop computers, notebooks, hand-held devices, workstations, mainframe computers, servers, a network cloud and the like.
[019] The I/O interface device(s) 206 can include a variety of software and hardware interfaces, for example, a web interface, a graphical user interface, and the like and can facilitate multiple communications within a wide variety of networks N/W and protocol types, including wired networks, for example, LAN, cable, etc., and wireless networks, such as WLAN, cellular, or satellite. In an embodiment, the I/O interface device(s) can include one or more ports for connecting a number of devices to one another or to another server.
[020] The memory 202 may include any computer-readable medium known in the art including, for example, volatile memory, such as static random access memory (SRAM) and dynamic random access memory (DRAM), and/or non-volatile memory, such as read only memory (ROM), erasable programmable ROM, flash memories, hard disks, optical disks, and magnetic tapes.
[021] The database 208 may store information but are not limited to, a plurality of rules obtained from one or more sources, wherein the rules are specific to an entity (e.g., a user, a buyer, a seller, a device, a machine, and the like). The database 208 may store one or more information may be e.g., requisitions, purchase orders, invoices. Further, the database 208 stores information pertaining to inputs fed to the system 200 and/or outputs generated by the system (e.g., at each stage), specific to the methodology described herein. More specifically, the database 208 stores information being processed at each step of the proposed methodology.
[022] FIG. 3 illustrates a block diagram of an exemplary system 300 for managing the plurality of digital records by the blockchain model 304 according to embodiments of the present disclosure. The exemplary system 300 includes a plurality of entity e.g., a buyer 302, the blockchain model 304, and a seller 306. In an embodiment, a plurality of stakeholders are grouped in a plurality of nodes associated with the blockchain model 304. For example, the plurality of stakeholders can be selected from at least one group includes (a) the buyer 302, the seller (vendors) 306, a procurement team, a plurality of financial institution, and combination thereof. In an exemplary embodiment, the plurality of digital records may be plurality of financial ledgers. In an embodiment, the blockchain model 304 further includes a smart contract program (not shown in figure). In an embodiment, the smart contract program may include a plurality of programs that autonomously execute terms of a contract on the blockchain model 304. In another embodiment, the smart contract program may include one or more rules. In an exemplary embodiment, a smart contract module of the blockchain model 304 is configured to interact with one or more computing devices which may be a bookkeeping and/or accounting user interface to facilitate collection of an account receivables and an account payables.
[023] The blockchain model 304 further includes a database stores blocks of information (e.g., which are identical) across a network (chain) and data is accessible to any user (on the network) and any update or change creates a new public record. In an embodiment, the blockchain database also corresponds to a hyper ledger. In another embodiment, the blockchain model is a distributed database that includes a plurality of data associated with the plurality of ledgers. In an embodiment, a ledger may include a plurality of ledger accounts, wherein at least one ledger account includes a plurality of transaction data. For example, the transaction data arranged in data fields includes at least one of assets, liabilities, cash flow, account payables, account receivables, revenue and/or expenses of the ledger account.
[024] The plurality of stakeholders are grouped in the plurality of nodes associated with the blockchain model 304. A plurality of component associated with a plurality of services rendered to the plurality of stakeholders are hashed to obtain a plurality of hashed component. In an embodiment, the plurality of hashed component may include at least one of (i) a first hashed component (e.g., a plurality of invoices), (ii) a second hashed component (e.g., a plurality of receipts), (iii) a third hashed component (e.g., a plurality of sales orders), (iv) a fourth hashed component (e.g., a plurality of purchase orders), and a combination thereof.
[025] In an embodiment, a data associated with a plurality of component are encrypted based on hash function. In an embodiment, the hashing, in blockchain model 304, is of processing the data from a block through a mathematical function, which results in an output of a fixed length. This inherently ensures confidentiality, authenticity, integrity and non-repudiation of business transactions. The plurality of the hashed component are pushed into at least one node from the plurality of nodes associated with the blockchain model 304. In an embodiment, the plurality of component is selected from at least one of group includes: an email, a pdf, a handwritten, and an image.
[026] The blockchain model 304 is configured to perform a multi validation e.g., three way validation. In an embodiment, the three way validation corresponds to an automatic reconciliation of the plurality of digital records between the plurality of stakeholders based on the smart contracts program. In an embodiment, the multi validation e.g., the three way validation includes at least one of steps: (a) perform, a first level validation by comparing the first hashed component with the second hashed component to obtain a first match; (b) perform, based on the first match, a second level validation by comparing the second hashed component with the third hashed component to obtain a second match; and (c) perform, based on the second match, a third level validation by comparing the third hashed component with the fourth hashed component to obtain a third match. For example, the three way matching process involves Invoice = Good/Service received Receipt = Purchase Order.
[027] In another embodiment, alternatively, but not limited to that the multi validation include at least one of steps: (a) perform, a first level validation by comparing the first hashed component with the second hashed component to obtain a first match; (b) perform, based on the first match, a second level validation by comparing the second hashed component with the third hashed component or comparing the first hashed component with the third hashed component and combination thereof to obtain a second match; and (c) perform, based on the second match, a third level validation by comparing the third hashed component with the fourth hashed component or comparing the first hashed component with the fourth hashed component or comparing the second hashed component with the fourth hashed component and combination thereof to obtain a third match.
[028] The blockchain model 304 is configured to generate, by a transaction module, a transaction to an account of at least one stakeholders from the plurality of stakeholders based on the third match. For example, the payment is self-triggered to respective vendor's bank accounts as per the credit duration, limit et al. (e.g., a rule engine defined in smart contract program). The blockchain model 304 is dynamically updated regarding status (e.g., transaction complete - payment received) associated with the plurality of hashed component in the plurality of digital records (e.g., plurality of ledgers) associated with the plurality of stakeholders. For example, account payable (AP) and account receivable (AR) records in respective books of the Buyer and the Seller (Vendor) are updated.
[029] FIG. 4 is a flow diagram illustrating a method of managing the plurality of digital records by the blockchain model 304 according to embodiments of the present disclosure. In an embodiment, the system 200 comprises one or more data storage devices or the memory 202 operatively coupled to the one or more hardware processors 204 and is configured to store instructions for execution of steps of the method by the one or more processors 204. The flow diagram depicted is better understood by way of following explanation/description.
[030] The steps of the method of the present disclosure will now be explained with reference to the components of the system 200 as depicted in FIG. 2. In an embodiment of the present disclosure, at step 402, the one or more hardware processors 204, group, a plurality of stakeholders in a plurality of nodes associated with the blockchain model. In an embodiment of the present disclosure, at step 404, the one or more hardware processors 204, hash, a plurality of component associated with a plurality of services rendered to the plurality of stakeholders to obtain a plurality of hashed component. In an embodiment, the plurality of hashed component may include at least one of (i) a first hashed component, (ii) a second hashed component, (iii) a third hashed component, (iv) a fourth hashed component, and combination thereof. In an embodiment of the present disclosure, at step 406, the one or more hardware processors 204, push the plurality of hashed component into at least one node from the plurality of nodes associated with the blockchain model. In an embodiment of the present disclosure, at step 408, the one or more hardware processors 204, performing, a first level validation by comparing the first hashed component with second hashed component to obtain a first match. In an embodiment of the present disclosure, at step 410, the one or more hardware processors 204, performing, based on the first match, a second level validation by comparing the second hashed component with third hashed component to obtain a second match. In an embodiment of the present disclosure, at step 412, the one or more hardware processors 204, performing, based on the second match, a third level validation by comparing the third hashed component with fourth hashed component to obtain a third match. In an embodiment of the present disclosure, at step 414, the one or more hardware processors 204, generating, by a transaction module, a transaction to an account of an at least one stakeholder from the plurality of stakeholders based on the third match. In an embodiment of the present disclosure, at step 416, the one or more hardware processors 204, dynamically distributing, in the blockchain model, status associated with the plurality of hashed component in the plurality of digital records.
[031] In an embodiment, the plurality of stakeholders may be selected from at least one group includes (a) a buyer, (b) a sellers (vendors), (c) a procurement team, (d) a plurality of financial institution, and combination thereof. In an embodiment, the plurality of component may be encrypted based on a hash function in the block chain model. In an embodiment, the plurality of component may be selected from at least one of group includes: an email, a pdf, a handwritten, and an image. In an embodiment, the plurality of hashed component may corresponds to at least one of a group includes: (a) a plurality of invoices, (b) a plurality of receipts, (c) a plurality of sales orders, (d) a plurality of purchase orders, and combination thereof. In an embodiment, the blockchain model may be a distributed database that comprises plurality of data associated with the plurality of digital records.
[032] An exemplary flow diagram illustrating a method of managing a plurality of ledgers by the blockchain model 304 according to embodiments of the present disclosure. For example, when a customer places an order for products, a purchase order (PO) is created. A customer procurement manager validate and approves the created PO’s so that a supplier can carter the product stores in a blockchain model 304. The supplier receives the approved PO’s from the blockchain model 304 and generates a sales order (SO) for the purchase order (PO’s). Subsequently, the customer accepts the package, update the status in the blockchain model 304 and receipt information is updated in the blockchain model 304. The supplier fetches the receipt information and update the invoice details in the blockchain model 304. A customer account manager fetches the invoice and multi-validate with the purchase order, the sales order, and the receipt details and approves the invoice. The customer account manager processes the amount for final payment and update in the blockchain model 304. A supplier account manager validate the amount paid with the invoice amount and update the status in the blockchain model 304.
[033] The embodiment herein provides a reduced payments reconciliation (to minutes instead of days). The embodiment herein provides a fully automated account receivables reconciliation process, including rejects and returns handling, dispute resolution and thereby increasing the straight-through reconciliation (STR) rates to more than 90% (e.g., to the point where minimal manual intervention is required). The embodiment’s herein provides an automated clearing house payment system to complete payments (STP). The embodiment’s herein provides decentralized distributed register e.g., transparent & real time validation, secured & immutable records, shorten the time to match payments to receivables. The embodiment’s herein provides automatic & simplified reconciliation e.g.,, tokenizing receivables (bill of lading, letter of credit, etc.), eliminating external reconciliation effort, support for refunds post dispute resolution, eliminate double financing and facilitate lending by financiers. The embodiment’s herein provides validation of asset ownership, triggering automatic payment, calculation, and rule based exception handling.
[034] This blockchain based solution is a one-stop solution for E2E invoice processing and AR-AP bookkeeping without manual intervention. A consortium of buyer, seller, procurement team and bank can form a blockchain and any transactions amongst them can be enabled to happen on the blockchain thereby creating digital thread of all the business transactions. Many a times, big players across the industries deal with hundreds of vendors in their business ecosystem and hence encounter multiple settlement irrespective of the volume of transactions that they do. Blockchain based order management, invoice processing and payment settlement incentivizes the stakeholders of the chain by automatic record keeping of Accounts Payable (AP) and Accounts Receivables (AR) and hence assure compliance. This solution also induces trust and fosters dispute resolution through auto-reconciliation based on three way matching & straight through processing.
[035] Modern ERP Systems and Cloud solutions are still not able to address settlement and dispute resolution issues in the complex business world, without manual intervention. It is also time consuming and not trust worthy. However, the embodiment herein of the present disclosure provides a blockchain based solution that holds a great level of potential to conduct business borderless. It also incentivizes the stakeholders by assuring dispute-free and trusted ecosystem. The embodiment herein of the present disclosure maintains transaction trails and helps to disintermediate auditing/compliance activities going forward for both the parties.
[036] The written description describes the subject matter herein to enable any person skilled in the art to make and use the embodiments. The scope of the subject matter embodiments is defined by the claims and may include other modifications that occur to those skilled in the art. Such other modifications are intended to be within the scope of the claims if they have similar elements that do not differ from the literal language of the claims or if they include equivalent elements with insubstantial differences from the literal language of the claims.
[037] It is to be understood that the scope of the protection is extended to such a program and in addition to a computer-readable means having a message therein; such computer-readable storage means contain program-code means for implementation of one or more steps of the method, when the program runs on a server or mobile device or any suitable programmable device. The hardware device can be any kind of device which can be programmed including e.g. any kind of computer like a server or a personal computer, or the like, or any combination thereof. The device may also include means which could be e.g. hardware means like e.g. an application-specific integrated circuit (ASIC), a field-programmable gate array (FPGA), or a combination of hardware and software means, e.g. an ASIC and an FPGA, or at least one microprocessor and at least one memory with software modules located therein. Thus, the means can include both hardware means and software means. The method embodiments described herein could be implemented in hardware and software. The device may also include software means. Alternatively, the embodiments may be implemented on different hardware devices, e.g. using a plurality of CPUs.
[038] The embodiments herein can comprise hardware and software elements. The embodiments that are implemented in software include but are not limited to, firmware, resident software, microcode, etc. The functions performed by various modules described herein may be implemented in other modules or combinations of other modules. For the purposes of this description, a computer-usable or computer readable medium can be any apparatus that can comprise, store, communicate, propagate, or transport the program for use by or in connection with the instruction execution system, apparatus, or device.
[039] The illustrated steps are set out to explain the exemplary embodiments shown, and it should be anticipated that ongoing technological development will change the manner in which particular functions are performed. These examples are presented herein for purposes of illustration, and not limitation. Further, the boundaries of the functional building blocks have been arbitrarily defined herein for the convenience of the description. Alternative boundaries can be defined so long as the specified functions and relationships thereof are appropriately performed. Alternatives (including equivalents, extensions, variations, deviations, etc., of those described herein) will be apparent to persons skilled in the relevant art(s) based on the teachings contained herein. Such alternatives fall within the scope and spirit of the disclosed embodiments. Also, the words “comprising,” “having,” “containing,” and “including,” and other similar forms are intended to be equivalent in meaning and be open ended in that an item or items following any one of these words is not meant to be an exhaustive listing of such item or items, or meant to be limited to only the listed item or items. It must also be noted that as used herein and in the appended claims, the singular forms “a,” “an,” and “the” include plural references unless the context clearly dictates otherwise.
[040] Furthermore, one or more computer-readable storage media may be utilized in implementing embodiments consistent with the present disclosure. A computer-readable storage medium refers to any type of physical memory on which information or data readable by a processor may be stored. Thus, a computer-readable storage medium may store instructions for execution by one or more processors, including instructions for causing the processor(s) to perform steps or stages consistent with the embodiments described herein. The term “computer-readable medium” should be understood to include tangible items and exclude carrier waves and transient signals, i.e., be non-transitory. Examples include random access memory (RAM), read-only memory (ROM), volatile memory, nonvolatile memory, hard drives, CD ROMs, DVDs, flash drives, disks, and any other known physical storage media.
[041] It is intended that the disclosure and examples be considered as exemplary only, with a true scope and spirit of disclosed embodiments being indicated by the following claims.