International Journal of Multidisciplinary Research and Growth Evaluation  |  ISSN (Online): 2582-7138  |  Double-Blind Peer Review  |  Open Access  |  CC BY 4.0

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     2026:7/3

International Journal of Multidisciplinary Research and Growth Evaluation

ISSN (Online): 2582-7138 | Open Access

Smart Contract Automation Model for Supplier Payment Systems and Performance Benchmarking

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Volume: 3 | Issue: 6 | Pages: 827-836

Subject: Management

Country: Nigeria

DOI: https://doi.org/10.54660/IJMRGE.2022.3.6.827-836

License: CC BY 4.0

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Abstract

Efficient and transparent supplier payment systems are essential for maintaining trust, optimizing cash flow, and ensuring regulatory compliance in global trade. Traditional payment workflows, often reliant on manual processes, multiple intermediaries, and disparate systems, face challenges including delays, reconciliation errors, foreign exchange (FX) exposure, and limited visibility. To address these limitations, this study proposes a Smart Contract Automation Model for Supplier Payment Systems, integrating blockchain-based automation with enterprise resource planning (ERP) and banking infrastructures to enhance operational efficiency, reliability, and transparency. The proposed model leverages smart contracts to automate conditional payments, enforce compliance, and streamline reconciliation processes. Payments are executed automatically when predefined conditions are met, such as delivery confirmation, invoice validation, or adherence to regulatory requirements. Escrow mechanisms and embedded dispute resolution protocols further ensure accuracy and mitigate financial and operational risks. By automating transactional workflows, the model reduces manual intervention, minimizes errors, and accelerates settlement cycles across multi-supplier, multi-currency payment networks. Performance benchmarking forms a core component of the framework, enabling organizations to quantitatively assess efficiency, cost-effectiveness, reliability, and transparency. Key metrics include transaction speed, settlement time, fee savings, transaction success rate, auditability, and compliance adherence. Benchmarking methodologies involve baseline comparisons with traditional payment processes, scenario-based stress testing, and simulation of high-volume, multi-currency transactions. These insights facilitate continuous optimization, support strategic decision-making, and enhance stakeholder confidence in the supplier payment ecosystem. This also outlines a phased implementation roadmap, emphasizing pilot deployment, technical integration, and stakeholder engagement. Future extensions include AI/ML-driven predictive monitoring, cross-chain interoperability, and integration of ESG and regulatory compliance metrics. The Smart Contract Automation Model offers a robust solution for modernizing supplier payment systems. By combining automated execution, real-time monitoring, and performance benchmarking, it enhances transparency, operational efficiency, and risk management, providing a scalable and auditable framework for global trade settlements.

How to Cite This Article

Olawole Akomolafe, Babajide Oluwaseun Olaogun, Michael Olumuyiwa Adesuyi, Victor Ukara Ndukwe, Joy Kweku Sakyi (2022). Smart Contract Automation Model for Supplier Payment Systems and Performance Benchmarking . International Journal of Multidisciplinary Research and Growth Evaluation (IJMRGE), 3(6), 827-836. DOI: https://doi.org/10.54660/IJMRGE.2022.3.6.827-836

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Publication Information

Journal: International Journal of Multidisciplinary Research and Growth Evaluation (IJMRGE)

Publisher: Anfo Publication House

ISSN: 2582-7138 (Online)

Frequency: Bimonthly

Language: English

Open Access: Yes - This article is distributed under the terms of the Creative Commons Attribution 4.0 International License

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