Press: Konfidio Contract Solutions for Novartis

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  • November 26, 2018
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Konfidio Contract Solutions Will Revolutionize Contract Management of International Multi-Million Managed Services Agreements for the Fortune 2000 Through Blockchain Technology

New Pioneering Project with Global Health Care Company Novartis

„Blockchain based solutions will save companies millions and will replace inefficient, expensive ERP systems which not designed or built for an increasingly more decentralized, digital,“, Dr. Mervyn Maistry, CEO Konfid.io

Berlin  / Basel,  December, 2018

Through  close collaboration  with the Berlin Blockchain start up, Konfidio, the global health care company Novartis has presented its plan to transform their  contract management processes using the Konfid.io Contract Solution (KCS) system.  Dr. Scott Mason, Novartis’ Global COO of IT, announced and discussed this collaboration  at the Blockchain Leadership Summit in Basel on Saturday, November 24, 2018. Dr. Mason noted that prior  Value Leakage totaling millions in a multi-year contract could easily be solved through using KCS.

Dr.  Scott  Mason, Global  COO of IT, Novartis:  „We  are here  [at the Blockchain  Leadership Summit] because  one of the blockchain use  cases [Konfid.io Contract Solutions]  is actually going into production at Novartis. We have been testing the system and believe we are able to solve  some of the key pain points of external contracts management leveraging blockchain technology. “

Konfid.io Contract Solutions (KCS) is a decentralized Contract Management application, which utilizes  cutting-edge blockchain technology to solve the challenges of centralized inefficiency. Across  the Fortune 2000, large corporates (and SMEs) will now be able to manage multi-country, multi-million  dollar, contracts in an efficient, effective manner by leveraging Konfid.io’s blockchain technology stack.  This cutting-edge solution will bring down the costs of managing global outsourcing contracts from between 7 -16% of contract value to between 3 – 7%.  

The  KCS system  includes order  lifecycle management,  pricing agreements, coded  legal agreements and automated value settlement of verified managed services consumption. It also delivers  the holy grail of vendor management by provides executives a real time financial and operational dashboard. Budget overruns, high audit fees, a large reconciliation back office and exorbitant legal fees are a thing of the past.  

“This  revolutionary  end-to-end system  brings the benefits  of blockchain into the managed  services sector in a secure, scalable  and stable fashion that is ready for the enterprise.” Galen Evans, COO & CTO Konfid.io

The  difficulties  often experienced  in multimillion, contract  management currently arise from  the use of siloed and centralized  single organizational or divisional systems  to manage a complex multi-organizational, multi  legal entity process. The status quo of multiple  versions of the truth across client-supplier relationships  creates inconsistencies, delayed payments, and forces financial  provisioning, which affects the performance of CFOs. It forces  expensive, and time-consuming reconciliation efforts across the organization.

Konfidio Contract Solutions addresses these problems through; •a shared single-version of the truth with smart contract mutual infrastructure,•verifiable and traceable user actions and identities,•automated governance enforcement,•efficient, legally binding dispute resolution,•integrated contract pricing & change management, •and automated, conflict free value settlement.

KCS  has been  tested within  the pharmaceutical  industry for the last  12 months and is now production-ready to launch in several different sectors.

Dr. Mervyn Maistry, CEO, Konfidio „The  Blockchain  technology is  powerful enough  to replace SAP systems  within 10 – 15 years. SMEs  and corporates will have an alternative  to bloated, expensive user-unfriendly ERP systems. “

Konfidio, the Berlin-based Blockchain Company Builder and Venture Accelerator, was founded in 2016 by Dr. Mervyn G. Maistry, former Deutsche Bank COO, and Galen B. Evans, former EY Blockchain  Expert. Konfid.io’s engineering team has developed an enterprise blockchain technology stack that allows large corporates to effectively interact with, and manage, consortium  blockchain applications and smart contract-based systems.

The  Konfidio  system includes;  Secure integration  of Blockchain with Corporate  User Identities via Single Sign-on, User Friendly Interfaces and Management Dashboards, Comprehensive Blockchain IT Lifecycle Operations  and Scalable Blockchain analytics. Konfid.io also leverages an enterprise-focused version of Ethereum, Quorum developed by JP Morgan.  Konfid.io has applied its enterprise blockchain technology to three of its Ventures;

  • Enterprise Contract Management with Konfid.io Contract Solutions,
  • Renewable Energy Billing and Guarantees of Origin with Konfid.io Energy Solutions
  • Emerging Market Financial Services with Konfid.io Insurance

About Konfidio

Konfidio  is a Company  Builder and Venture  Accelerator based in Berlin,  with a focus on leveraging blockchain  technology to build enterprise-scale decentralized  applications and business models for private and publicly  distributed systems. The company was founded in 2016 by Dr. Mervyn G. Maistry and Galen B. Evans in Berlin, Germany, and has more than 35 employees from 20 different countries.

About Dr. Mervyn G. Maistry

Dr.  Mervyn  G. Maistry  holds an MD  in paediatrics  and an MBA in Corporate  Finance and Technology as Competitive  Advantage. He started his strategy career  at Accenture before becoming Global Chief Operating  Officer of Deutsche Bank Analytics & Information Services (2005-2010)  and Global Managing Director and Co-Founder of Accenture Global Strategy Offering  (2010-2015) in Berlin. Before starting his own company Konfid.io, Dr. Maistry was Managing   Partner Digital Strategy & Blockchain Innovation EMEA at Ernst & Young (2015-2017). Mervyn  advises a variety of projects in the blockchain and business world including Slock.it and formerly IOTA,  and he is currently also the Chairman of Kintaro Capital which is specialized in cryptocurrency markets.

About Galen B. Evans

Galen B. Evansh olds an MBA with Honors from ESMT. He has spent his career working across business,  emerging technologies and the public sector. Mr. Evans started his career with the World Bank  working on bringing open data and risk modeling to help developing countries mitigate risks of natural disaster and climate change. After which he worked in strategic account management   for an enterprise open-source software company, OpenGeo, and as a management consultant. Before starting Konfid.io together with Dr. Mervyn G. Maistry he worked at EY as  a Blockchain Expert and member of the leadership team for the Digital Strategy Practice.

Website (Konfidio): konfidio.com

Website (KCS): kcs.konfid.io

Website (DEEP): d33p.org

Twitter @konfidio

Medium https://medium.com/konfid-io-blockchain-reports

Categories: Press