Icertis, the leading provider of enterprise contract management in the cloud announced its collaboration with Microsoft to expand the Icertis Blockchain Framework to deliver greater transparency, speed of execution and improved compliance in increasingly critical areas of modern business.
Customers like Mercedes-Benz Cars have already taken advantage of this technology by utilizing smart contracts on the Icertis Blockchain Framework to create an immutable distributed ledger of transactions. This helps to ensure global sourcing and contracting practices adhere to Mercedes-Benz Cars’ strict requirements for sustainable, ethical and secure sourcing.
Icertis and Microsoft will expand the application of blockchain and distributed ledger technology to contract management by using Microsoft Azure Blockchain Workbench, leveraging the ecosystem of Service Bus, Azure Active Directory, Logic Apps and other components in the Azure Blockchain Workbench and connecting Azure Cognitive Services components and the Icertis Blockchain Framework with the information classification and management (ICM) platform.
Companies can deploy the Icertis Blockchain Framework to track contractual requirements, obligations, commitments and fulfillment across entities enabling a new level of collaboration, visibility and accountability.
The close collaboration between Icertis and Microsoft has benefited joint customers since the creation of the Icertis Blockchain Framework, which was built on Azure, Blockchain Workbench, Cognitive Search and Cognitive Services. It is the first to connect blockchain and distributed ledger systems like Ethereum and Corda to an enterprise Contract Lifecycle Management (CLM) system in a meaningful way.
According to Penny Philpot, Vice President of One Commercial Partner, Microsoft Corp., Icertis and Microsoft “are giving our enterprise customers a competitive edge with technologies that have immediate impact on their responsible business practices.”