Major enterprise contract management service Icertis will collaborate with Microsoft to expand its blockchain-based contract solution, the company announced on June 11.
By entering the collaboration, Microsoft will help Icertis to extend its Icertis Blockchain Framework, which is designed to enhance the transparency and efficiency of contractual frameworks using smart contracts technology.
The Icertis Blockchain Framework offers a blockchain-powered solution to track contractual requirements and commitments, improving the quality of collaboration and accountability. The tool aims to solve various problems associated with contractual arrangements on the supply chain, including combating the use of child labor, conflict materials and tainted food distribution, as well as tracing pharmaceuticals.
Specifically, the new partnership expands blockchain applications to contract management by implementing the Microsoft Azure Blockchain Workbench for Icertis Contract Management (ICM) platform for clients worldwide. The collaboration will also connect Microsoft Azure Cognitive Services components and the Icertis Blockchain Framework with the ICM platform, the press release notes.
In February 2019, Icertis deployed its blockchain framework within a joint initiative with German vehicle brand Mercedes-Benz Car to assist in ensuring that its global sourcing and contracting practices comply with Mercedes-Benz Cars' strict requirements for working conditions, human rights and environmental protection, among others.
Recently, Cointelegraph reported on the United States seafood trade association National Fisheries Institute working with IBM’s blockchain supply chain solution Food Trust to trace seafood with distributed ledger technology.