Leading enterprise contract management system Icertis has announced a collaboration with Microsoft to broaden its blockchain-based contract management system. Icretis shared the announcement on June 11.
Microsoft will assist Icertis in expanding its blockchain framework, which is structured to improve the transparency and the efficacy of the contract management system utilizing the smart contract technology.
The collaborated initiative will be expanding the blockchain applications and DLT by utilizing the Microsoft Azure Blockchain Workbench for Icertis Contract Management (ICM) for customers across the globe. The press release added that the partnership would connect the Microsoft Azure Cognitive Service Components and the Icertis Blockchain Framework with the ICM platform, in order to offer business solutions to businesses dealing with AI/ML and blockchain technology.
Excited about partnering with Microsoft, CTO and Co-founder at Icertis, Monish Darda said –
“We are thrilled to work with Microsoft to extend the Icertis Blockchain Framework to solve the most critical contracting challenges – enabling a new level of visibility and control in the contract management space, while helping build a more ethical and sustainable enterprise ecosystem.”
According to the press release, companies leveraging Icertis’ Blockchain Framework are offered a blockchain-based system to track contractual requirements, obligations and commitments, thereby enhancing their level of partnership and accountability.
Icertis also exclaimed the project’s intent in solving numerous issues kindred with the contracts management on the supply chain. The problems include tackling child labor, materials used in conflicts, tracking of contaminated food, and pharmaceuticals.
In February 2019, Icertis partnered with German automobile manufacturer Mercedes Benz to work on the deployment of blockchain technology for supply chain purposes. The prototype assists in analyzing that its global sourcing and contracting practices comply with Benz’s strict requirements for “working conditions, human rights, environmental protection, safety, business ethics, and compliance.”