Factom assists VERSO in launch of blockchain-based warranty claims module

VERSO, a cloud-based workflow management system, announced today it has deployed a new warranty claims management module built with blockchain technology for use by its clients to report and settle warranty claims among participating parties. VERSO’s SaaS-based B2B workflow management portal helps clients better manage their trouble-reporting and product returns processes.

Verso partnered with Factom, a leading blockchain technology company headquartered in Austin, Texas to provide the hashing and chain management capability in support of the warranty process. With the initial launch of the module, VERSO calculates warranty claim amounts based on policies and warranty cost, while maintaining the hashed warranty transaction within Factom Harmony for trusted settlements and reporting.

The VERSO warranty module leverages a consistent and accurate understanding of outstanding warranty among parties within the supply chain, an inherent need within the B2B warranty process flow, including suppliers, distributors, dealers, and retailers. Blockchain’s inherent decentralized nature ensures the accuracy of the warranty claim amounts, which facilitates trust in the settlement and payment process.

This addition of the warranty blockchain solution follows the recent release of VERSO’s creation of its predictive analytics modules using the Microsoft Machine Learning Studio, which predicts which products are likely to fail during or outside of a warranty period. This information can lead to cost savings, better inventory management and revenue opportunities around more profitable warranty offerings.

[perfectpullquote align=”full” bordertop=”false” cite=”Bob Foster, founder of VERSO Inc.” link=”” color=”” class=”” size=””]“The addition of the VERSO blockchain warranty claims module makes VERSO an end to end cloud-based product returns management platform that reduces cost, accelerates cash flow, and improves operational performance through predictive analytics. The combination of VERSO’s blockchain-enabled warranty module with our predictive analytics capability creates a revolutionary approach to the management of product returns across the supply chain.”[/perfectpullquote]

VERSO Inc. was founded in 2014, with a mission to improve product returns management and other reverse logistics requirements by providing an easy to use but highly flexible cloud-based portal (VERSO) that can be accessed by all participating supply chain stakeholders.