Pre-allocated funds for specific projects are often misspent and unaccounted for e.g. grant and aid funding, disaster relief, Enterprise and Supplier Development (specific to South Africa), etc. The intended purpose of these funds is often not successfully achieved resulting in an inadequate audit trail and traceability.
SupplyBlock technology limits risks associated with miss-spent funds and aligns procurement processes with complicated global and country specific macro requirements and challenges. The technology and process integrity can be applied wherever there are controlled payment requirements to specified suppliers for specified services and products.
Built in “Smart” Procurement functionality allows the ability to set up and select pre-approved suppliers and pre-approved services or product offerings, thereby removing misappropriation of funds and directly aligning spend in accordance with geographic, industry-specific and legal requirements.
A good example of this is navigating the continuously evolving Broad-Based Black Economic Empowerment (B-BBEE) scorecard requirements in South Africa. Add to this the complexities of Enterprise and Supplier development and it can become a complex challenge for any business. SupplyBlock technology aligns organizations wishing to maximize their scorecard points with approved and verified recipients getting access to market along with sustainable business opportunities. Whilst Broad-Based Black Economic Empowerment functionality is specific to a South African environment, the system can be easily configured to accommodate alternate bespoke nuances within other jurisdictions and industry sectors.
The “Smart” Procurement application provides industry-first auditability and reporting against the entire spend lifecycle; from whom funding was spent on, how they used it and the resultant success of funds utilization and the economic benefit derived – ultimately preventing misappropriation of funds. Our built in Escrow functionality (under development) will add an additional layer of control and auditability to the “Smart” Procurement Module. The Escrow system will reduce risk and ensure the needs of all participants in the process are treated with the same importance.
Funds are controlled by an independent third party, through a blockchain managed process, that safeguards the “donor’s” funds to the recipient, and in turn to approved service providers. Upon certain deliverables being met within certain timeframes and following completion of preapproved check points, funds will be released to relevant parties.
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SupplyBlock has real-world international application across multiple industry sectors, along with a developed platform and pipeline of new business.