The business objective of the organization is to systematically resolve all issues by deploying blockchain technology and making it a competitive advantage. The organization aims to automate & optimize reward distribution. It offers efficient, transparent, and secure royalty payment processing platforms. It helps the organization by providing a robust, scalable, and secure blockchain solution to manage royalty payments in a streamlined manner.

Softnotions is offering a real-time platform for efficient automation of transactions and settlement with the industry’s best-in-class transparency. The technology has many benefits & the business can leverage these benefits with the help of blockchain technology.

Various industries are looking into blockchain for processing and ensuring that the employees working remote locations are paid and acknowledged quickly. The organization identified an unfair reward distribution & was trying to identify a perfect solution for streamlining and enabling more accurate royalty payments by deploying smart contracts.

The solution offered to customers to overcome the business challenge is as follows:

• We identified that the industry has had to disrupt itself for a competitive market, in which the employees demand the best value for their time and money. We are implementing blockchain use cases that allow employees to get paid for exactly what they want using smart contracts.
• Smart contracts are used to ensure transparent audit trails & can prevent fraud.

• The smart contracts are used to settle the payment, saving time by returning all payments to employees right away.
• Smart contracts can be programmed to allow internal distribution and effectively eliminate mistakes.
• Batching transactions will help eliminate the possibility of human error and ensure accurate reporting.
• The blockchain will enable the organization to avoid paying up to 31 days late, leaving employers short on their end-of-year payrolls.
• All payments are guaranteed & the employees are paid within two days.
• All transactions result in immediate payment to employees, and accurate reporting results in an employer’s end-of-year report.
• Low operational costs – workers can be paid accurately, quickly, and efficiently with automated processing.

• Fraud and Piracy Prevention
• Usage-Based Payment Models
• Streamlined Royalty Payments

Blockchain use cases in various industries are on the rise & are allowing for streamlined royalty payments, micropayments, and usage-based payments, providing a more customer-centric approach. This allows companies in the industry to operate more efficiently, increase revenue streams, and open up new business models that give them a competitive edge.